If upon the examination by the board of flood irrigation, and after the filing with said board of the plans and specifications for any project, or if upon the hearing upon the petition, it shall appear that there was not sufficient cause for making such petition, or that the cost of the proposed project would be more than the amount of the benefits derived therefrom, the board of flood irrigation shall deny the petition, and the petitioners shall be jointly and severally liable to such board for all costs and expenses incurred in the proceedings, to be recovered by such board by action. If it shall appear that there was sufficient cause for the making of such petition and that the proposed project will not cost more than the amount of the benefits to be derived therefrom, the board of flood irrigation shall make an order establishing the project, accurately describing it, and giving the same a name under which it shall be recorded and indexed.