Whenever a petition signed by a majority of the members of the board of directors or by twenty-five or more qualified electors of the state residing within the territorial boundaries of any district organized under or subject to Chapter 70, article 6, shall be presented to the Nebraska Power Review Board, praying for the dissolution of such district, and it shall appear from the petition that such district has no property of any kind, owes no debts of any kind, that the district is not functioning, has ceased to function, and probably will not function in the future, the Nebraska Power Review Board shall forthwith publish a notice for three consecutive weeks in the legal newspaper published in the district which has the largest circulation therein, or, if no legal newspaper is published in the district, then in any legal newspaper widely circulated therein, setting forth, in substance and in a clear and concise manner, the nature and prayer of the petition, and setting a time and place for a public hearing by the Nebraska Power Review Board upon the petition. After such hearing and such independent investigation as may be deemed advisable, the Nebraska Power Review Board shall grant or reject the prayer of the petition, and, if the prayer of the petition is granted, the Nebraska Power Review Board shall thereupon issue its certificate declaring the district dissolved and terminated. One duly certified copy of such certificate shall be immediately filed by the Nebraska Power Review Board in its office with the original organization records of the district. The Nebraska Power Review Board shall also immediately file one such certified copy in the office of the Secretary of State, and another such certified copy in the office of the county clerk of the county in which the principal place of business of such district was last located. The district shall thereupon be dissolved and cease to exist. The persons filing such petition for dissolution shall advance and pay the necessary expense incurred by the Nebraska Power Review Board in the investigations made, and the proceedings and hearings held or conducted, pursuant to the provisions of this section.