If in the opinion of the department the feasibility study shows that a district is feasible and consistent with the state water plan, the procedure for organization is the following:
(1) The department shall file a petition requesting organization with the court.
(2) The petition shall:
(a) state the name of the proposed district;
(b) give a legal description of the boundaries of the proposed district, excluding therefrom lands which would receive no direct or indirect benefits from the proposed district;
(c) describe the purposes of the district;
(d) describe the works;
(e) indicate the estimated cost of works, means of financing, and estimated costs of operation and maintenance;
(f) list the taxable valuation of real property in the proposed district, which must be $100,000 or more;
(g) describe the means of repaying capital costs;
(h) propose the persons who should be represented and the number of directors.
(3) The petition shall be signed by owners of at least 51% of the land outside the limits of an incorporated municipality and not fewer than 5% or 100, whichever is the lesser, of the persons who would qualify as electors within an incorporated municipality.