To levy and collect special assessments upon lands under Class D as herein provided, the board shall make contracts for water service with petitioning owners of lands in the district, upon which water can be beneficially used in the manner as hereinafter provided, and shall fix and determine the rate or rates per acre-foot and the terms at and upon which water service shall be furnished for use on the lands. In the event that any person or private corporation shall elect to purchase, lease, or otherwise obtain water service from the district for irrigation of lands, such person or corporation shall petition for water service upon terms prescribed by the board, which petition shall contain inter alia, the following: (1) Name of applicant; (2) quantity of water to be furnished; (3) the term of years such service is to be supplied; (4) description of lands upon which the water will be used and attached; (5) price per acre-foot to be paid; (6) whether payment will be made in cash or annual installments; and (7) an agreement that the annual installments and the charges for maintenance and operating shall become a tax lien upon the lands for which such water is furnished and to be bound by the provisions of sections 46-501 to 46-573 and the rules and regulations of the board.