(a) All taxes levied on land, railroads, tramroads, pipelines, telephone lines, telegraph lines, and other improvements on real estate situated in any levee or drainage districts in the State of Arkansas shall be deemed to be due and payable at any time from the third Monday in February to and including October 1 in the year succeeding the year in which the levy is made. The taxes shall be payable at the option of the taxpayer in installments as follows:
(1) The first installment of one-fourth (¼) of the amount of the taxes shall be due and payable on and from the third Monday in February to and including the third Monday in April;
(2) The second installment of one-fourth (¼) shall be payable on and from the third Monday in April to and including the third Monday in July; and
(3) The third installment of one-half (½) shall be payable on and from the third Monday in July to and including October 1.
(b) All such taxes remaining unpaid after the periods above specified shall be considered as delinquent. However, this section shall not be applicable to any levee or drainage districts having any outstanding bonded indebtedness, nor shall it be applicable to any levee or drainage district unless and until the commissioners or directors of the districts shall by resolution adopt it.