(a) Except as provided by Subsection (b), before a new district created by division of the district may exercise any powers under this chapter:
(1) the new district must enter into:
(A) a joinder to the existing operating agreement between the city and the district; or
(B) a separate operating agreement with the city; and
(2) each developer of property in the new district must enter into:
(A) a joinder to an existing project agreement between the city and a developer of property in the district applicable to the territory in the new district; or
(B) a separate project agreement with the city.
(b) A new district created by division of the district has the powers necessary, convenient, or desirable to negotiate and execute an agreement described by Subsection (a).