A. Immediately after entering the petition on its minutes, the board shall call an election at which shall be submitted to the qualified electors of the district the question of whether or not the bonds of the district, in the amount set forth in the petition, shall be issued. The election must be held on the first Tuesday after the first Monday in November as prescribed by section 16-204, subsection B, paragraph 1, subdivision (d).

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B. Notice of the election shall be given by posting notice thereof in three public places in each election precinct 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 consecutive weeks before the election. The amount of refunding bonds proposed to be issued and the amount of bonds, coupons or other evidences of indebtedness proposed to be refunded, together with a general description thereof, and the time of holding the election, shall be specified in the notice.

C. The election shall be held, and the results thereof determined and declared, in all respects as nearly as practicable in conformity with the provisions of article 4 of this chapter. No informalities in conducting the election shall invalidate it if the election has been otherwise fairly conducted. The ballots at the election shall contain the words, "Bonds―Yes" and "Bonds―No". If two thirds of the votes cast is "Bonds―Yes", the board of directors shall issue the refunding bonds. If more than one third of the votes cast at the election is "Bonds―No", the result of the election shall be so declared. The result in either event shall be entered of record in the minutes of the board of directors.