Petition for public hearing.

1. The supervisors shall, on the petition of twenty-five percent of the property owners of a proposed benefited recreational lake district if the assessed valuation of the property owned by the petitioners represents at least twenty-five percent of the total assessed value of the proposed district, hold a public hearing concerning the establishment of a proposed district. However, for a proposed water quality district, the petition shall contain signatures of the fewer of twenty-five property owners or twenty-five percent of the property owners of the proposed district. The petition shall include a statement containing the following information: a. The need for the district. b. A description of the district to be served. c. The approximate number of families in the district. 2. The board of supervisors may require a bond of the petitioners conditioned for the payment of all costs and expenses incurred in the proceedings in case the district is not established. 88 Acts, ch 1194, §3 ; 89 Acts, ch 53, §1 ; 2000 Acts, ch 1181, §4 Referred to in §357E.2 , 357E.4 , 357E.5