The petition shall:
(a) State the proposed name for the district.
(b) Set forth the district boundaries or describe the land situated in the district.
(c) Request that the district be formed pursuant to the principal act.
(d) Describe generally the nature of the proposed project and, based upon the functions proposed to be performed by the district, an estimate verified by the proponents of the first year’s estimated income and expenses and estimated expenditures for capital improvements.
(e) Comply with any additional requirements of the principal act.