The registered electors in any area of the state of Montana may request an election for the organization of a community college district where the proposed community college district conforms to the following requirements:
(1) The proposed area coincides with the then-existing boundaries of contiguous elementary or K-12 districts of one or more counties.
(2) The taxable value of the proposed area is at least $10 million.
(3) There are at least 700 pupils regularly enrolled in public and private high schools located in the proposed area.