(1) This subchapter shall be applicable to suburban improvement districts organized and existing pursuant to the provisions of § 14-92-201 et seq. with an area of not less than five thousand (5,000) acres and not more than seven thousand (7,000) acres.
(2) These districts will be referred to as “eligible districts.”
(3) This subchapter shall apply to taxes to be collected in 1986 and subsequent years.