Authorization of sale of property, excess water or hydroelectric power. When the board of directors of an irrigation district considers it to be for the best interests of the district to sell any property owned by the district and not required for district purposes, including excess storage or carrying capacity, surplus water or water rights, or to dispose by contract, lease or sale of any undeveloped hydroelectric power, the board shall adopt and enter in the minutes of its proceedings a resolution stating in substance

(1) A general description of property to be sold.

(2) The amount of the excess capacity or surplus water owned by the district and the amount proposed to be sold.

(3) That the sale can be made without impairing the security of the outstanding bonds. [Formerly 545.144]