(a) Any five (5) owners of land within the boundaries of the original district may file a petition in the circuit court of the county in which the district was originally organized, setting forth the fact that:
(1) The improvement for which the district was originally organized has been completed;
(2) The district comprises lands in more than one (1) county, that all obligations of the district have been paid in full, that the drainage district was not organized primarily for the construction of levees and has not received federal aid under Flood Control Acts of Congress approved May 15, 1928, and June 15, 1936, and amendments thereto, and praying that the lands in the county mentioned in the petition be separated from the original district for the purposes set forth in § 14-121-603.
(b) If the circuit court in which the petition is filed shall find the facts set forth in the petition to be true, the court shall enter an order granting the prayer of the petition for the purposes of this subchapter.
(c) Upon the filing of a certified copy of the order in the county court of the county set forth in the petition, the county court shall thereupon enter an order establishing a separate district which shall be named in the order and which shall comprise the lands in the county which were included in the district as originally organized.