An irrigation district may be dissolved without the holding of the election provided for by this chapter upon complaint or petition of parties holding and owning:
(1) Fifty per cent (50%) or more of the issued outstanding unpaid bonds of such district; or,
(2) Fifty per cent (50%) or more of all the land situate within the boundaries of such district; or,
(3) Claims, warrants, liens or other legal obligations of such district in an amount equal to not less than thirty per cent (30%) of the issued outstanding and unpaid bonds of such district. That the district has been abandoned, or for two (2) or more years last past has ceased to function, and there is little or no probability that it ever will or can function in future;
(4) That no useful purpose exists for the further continuance of the organization of the district;
(5) That there are not sufficient qualified electors residing within the boundaries of such district to hold a legal election.
It must be made to appear to the satisfaction of the court, by such complaint or petition, that any one or more of the following conditions exist in or as to said district: