(a) Any person filing a petition shall deposit with the board an amount sufficient to pay the cost of conducting an election within the district which shall be held by the board until the result of the election to dissolve the district is officially announced and entered in the record of the district.
(b) If the result of the election favors dissolving the district, the board shall return the deposit to the petitioners or their agent or attorney, and the cost and expenses of holding the election shall be paid by the district, but if the result of the election is against dissolving the district, the board shall pay the cost and expenses of the election from the deposit and return the balance of the deposit to the petitioners or their agent or attorney.