(1) For the purpose of paying the costs of the election provided by §§ 69-6-106 — 69-6-110, and for the purpose of paying the costs of recording the charter of such district, and any other necessary expenses incurred in the organization of the district, the board is empowered to receive contributions from private sources, or from counties, cities and towns located within such district.
(2) The legislative body of each county and the governing body of each city or town located within any such district is authorized and empowered to appropriate funds for such expenses, which are hereby declared to be for a public purpose.
(3) No election shall be held under this chapter until sufficient funds to defray the expenses of such election have been received by the board.