(a)
(1) All municipal improvement districts created after June 9, 1949, shall be governed by the provisions of §§ 14-88-401, 14-88-404, 14-90-102, 14-90-801, 14-90-802, 14-90-901 — 14-90-915, 14-90-1002, 14-90-1107, 14-90-1301, 14-90-1303(a)-(b), 14-90-1405, and 14-90-1406.
(2)
(A) All municipal improvement districts existing on June 9, 1949 shall continue to function under laws existing prior to June 9, 1949 except with respect to foreclosure suits.
(B)
(i) Within sixty (60) days after any annual installment becomes delinquent, the board of commissioners shall proceed in accordance with the provisions of §§ 14-90-911, 14-90-1002, 14-90-1301, 14-90-1405, and 14-90-1406, excepting the first sentence of § 14-90-1002.
(ii) Sections 14-90-1107, 14-90-1301 and 14-90-1303(a)-(b) shall also be applicable to municipal improvement districts existing prior to June 9, 1949.
(b)
(1) Sections 14-88-401, 14-88-404, 14-90-102, 14-90-801, 14-90-802, 14-90-901 — 14-90-915, 14-90-1002, 14-90-1107, 14-90-1301, 14-90-1303 (a)-(b), 14-90-1405, and 14-90-1406 shall not apply to any city which has a commission form of government organized under the provisions of Acts 1913, No. 13 and all municipal improvement districts heretofore or hereafter created in cities having such a commission form of government shall continue to function under the laws pertaining to them as they existed prior to February 28, 1949.
(2)
(A) In cities having a commission form of government, improvements may be undertaken which will not exceed in cost sixty percent (60%) of the value of the real property in these municipal improvement districts as shown by the last county assessment.
(B) In computing the sixty percent (60%), interest on borrowed money shall not be treated as a part of the cost of it.