The territory embraced by the counties of Richland and Lexington is hereby constituted a special-purpose district and a political subdivision of this State, the functions of which shall be public and governmental, and the inhabitants of the territory are hereby constituted a body politic and corporate. The corporate name of the special-purpose district shall be Richland-Lexington Riverbanks Parks District (the district), and the special-purpose district may sue and be sued in that name.