A. At a sale of taxable property in the district for delinquent taxes, the irrigation district may become the purchaser thereof and hold title thereto with the same rights and powers as persons. The board of directors of the district may provide district funds for such purchases and may lease, sell and assign or otherwise dispose of the property so acquired for not less than an amount equal to the amount paid for the property, together with interest at the rate of six per cent per annum thereon from the date of purchase and an amount equal to the pro rata amount of current taxes for district purposes during the period of ownership.

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B. If property so acquired by the district at tax sale has not been disposed of, then on petition of five qualified electors of the district the question of selling lands so held and unsold on other and different terms and conditions shall be submitted to the qualified electors of the district at the next regular election of the district and the board of directors may then sell the lands upon the terms and conditions adopted at the election.