In order to propose the refunding of such bonds, coupons or other evidences of indebtedness, a petition shall be presented to the board of directors, signed by a majority of the qualified electors of the district. The petition shall set forth the amount of bonds, coupons or other evidences of indebtedness proposed to be refunded, together with a general description thereof, the total amount of bonds sought to be issued and a full and complete statement of the purposes for which the bonds are to be used. The total amount of bonds to be issued shall not be greater than the total amount of bonds, coupons and other evidences of indebtedness then outstanding and proposed to be refunded. On presentation of the petition it shall be entered in full on the minutes of the board.