(1) The organization of a district shall be initiated by a petition filed in the office of the clerk of the governing body. (2) The petition shall be signed by persons who own real or personal property in the service area of the proposed district having a valuation for assessment of not less than fifty percent, or such greater amount as the governing body may provide by ordinance, of the valuation for assessment of all real and personal property in the service area of the proposed district and who own at least fifty percent, or such greater amount as the governing body may provide by ordinance, of the acreage in the proposed district. The petition shall set forth: (a) The name of the proposed district, which shall include a descriptive name and the words "business improvement district"; (b) A general description of the boundaries and service area of the proposed district; (c) A general description of the types of services or improvements or both to be provided by the proposed district; (d) The names of three persons to represent the petitioners, who have the power to enter into agreements relating to the organization of the district; and (e) A request for the organization of the district. (3) The petition shall be accompanied by a bond with security approved by the governing body or a cash deposit sufficient to cover all expenses connected with the proceedings in case the organization of the district is not effected. If at any time during the organization proceedings the governing body determines that the bond first executed or the amount of the cash deposited is insufficient in amount, it may require the execution of an additional bond or the deposit of additional cash within a time to be fixed, not less than ten days thereafter, and, upon failure of the petitioners to file or deposit the same, the petition shall be dismissed.
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