(a) Any consolidation of improvement districts shall be a body politic as a governmental and political subdivision of the state.
(b) The consolidated systems shall exercise the authority conferred in this subchapter according to the provisions, applicable and not in conflict herewith, of § 14-234-201 et seq. for the details of the issuance of revenue bonds, the pledge in the resolution of the commissioners, the determination of revenue for the payment of bonds, depreciation account, audits, rights of bondholders, and all other matters connected therewith.