Whenever the board of directors of an irrigation district resolves to lease all or any portion of any water right or water rights as authorized by section 43-335, Idaho Code, the district shall notify its landowners, by such method as the board shall order, that (1) the district intends to lease the water right or water rights identified by priority date, quantity and source in the notice, (2) owners of residential, commercial or industrial lands for which the district holds water rights may elect not to receive water from the district for their lands, and (3) consent of other ditch owners who will continue receiving water is required for leasing water rights delivered through community ditches.