A. For the purpose of constructing the necessary conduits, drains, sluices, water-gates, pumps, pumping plants, embankments and any and all other works and appliances necessary for the drainage of the lands of the district, acquiring the necessary property and rights therefor and otherwise carrying out this chapter, the board of directors of the district shall, as soon after the district has been organized as is practicable, and thereafter when the construction fund has been exhausted and it is necessary to raise additional money for such purposes, estimate and determine the amount of money necessary to be raised therefor.

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B. The board shall immediately call an election at which shall be submitted to the electors of the district the question of whether or not the bonds of the district shall be issued in the amount so determined. The election shall be held on the first Tuesday following the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d).

C. Notice of the election shall be given by posting notice thereof in three public places in each election precinct of the district, or if the district is not divided into divisions, in three public places in the district, for at least twenty days, and by publication of the notice in a newspaper published in the county in which the office of the board of directors is located, once a week for at least two successive weeks. The notice shall specify the time of holding the election, the amount of bonds proposed to be issued, the denominations thereof and the maximum rate of interest which the bonds shall bear.

D. The election shall be held and the results thereof determined and declared in all respects as nearly as practicable in conformity with article 4 of this chapter governing the election of directors. No informality in conducting the election shall invalidate it if the election has been otherwise fairly conducted.

E. At the election the ballots shall contain the words, "bonds ¾ yes" and "bonds ¾ no." If a majority of the votes cast at the election is "bonds ¾ yes," the board of directors shall cause the bonds to be issued. If a majority of the votes cast at the election is "bonds ¾ no," the result of the election shall be declared by the board of directors and entered on its record, and at any time thereafter when a petition signed by one fourth or more of the qualified electors of the district is presented to the board of directors, the board shall record such presentation in its minutes and shall thereupon again submit such question to the electors of the district in the same manner and with like effect as at the previous election.