(a) The boards of the districts proposed to be consolidated may initiate consolidation.
(b) The board of each district proposed to be consolidated must agree on the terms and conditions of consolidation. The consolidation agreement may include adoption of a name for the consolidated district and designation of election precincts for the consolidated district. After the boards have agreed to the terms and conditions of consolidation, the boards jointly shall order an election to be held in each district to determine whether the districts should be consolidated.