1. Petitions for consolidating two or more watershed subdistricts may be filed with the supervisors of the soil and water conservation district. In such cases the provisions of sections 278.170 to 278.190 in respect to the creation of a watershed subdistrict shall be observed.

2. If sixty-five percent of all landowners in each of the areas proposed to be consolidated voting in the referendum do vote in favor of the consolidation, the soil and water district supervisors shall declare the areas consolidated and the action recorded in the official minutes, except that if any subdistrict shall have issued bonds which are outstanding at the time of the consolidation, the taxes levied to pay such bonds and the interest thereon shall be an obligation of only the property within such component subdistrict.