The board of directors of any such irrigation district may estimate and determine the amount of money necessary to be raised, or the amount of indebtedness necessary to be assumed for such purpose or purposes, and may include in such amounts a sum sufficient to pay the first four years’ interest on such indebtedness, and the said board, deeming it expedient to issue bonds to provide such funds or provide for such indebtedness, shall forthwith call a special election, at which election shall be submitted to the electorate of such district, possessing the qualifications required by law, the question whether or not the bonds of said district for such purposes as aforesaid shall be issued in the amount so determined. A notice of such election must be given by posting notices in three public places in each election precinct in said district for at least twenty (20) days, and also by publication of such notice in some newspaper of general circulation published in each county wherein there is situate any lands within the district, once each week for at least four consecutive weeks; such notice shall specify the time of holding the election, the amount of bonds proposed to be issued, the purpose thereof, and said election must be held, and the result thereof determined and declared in all respects as nearly as possible, in conformity with the provisions of this and said Chapter 20, Session Laws of 1919, and acts amendatory and supplementary thereto and hereof; provided, that no informalities in conducting such election shall invalidate the same if the election shall be fairly conducted. At such election the ballots shall contain the words “Bonds – Yes,” and “Bonds – No,” or words equivalent thereto. If such election shall carry in conformity with the provisions of this, and said act, the board of directors shall immediately cause said bonds for such amounts to be issued, and the same may be sold, placed or disposed of at not less than ninety-five per centum of their par value, according, as is now provided in said Chapter 20, Session Laws of 1919 of New Mexico, for the sale and disposal of bonds for irrigation and incidental purposes.