1. Any proposal to enter into a contract for the acquisition of electric power and transmission lines or to lease or construct those lines: (a) Of any irrigation district having one or more reservoirs for the storage of water with a single or combined capacity of less than 250,000 acre-feet, where the cost of the proposed acquisition, lease or construction exceeds $50,000; or (b) Of any irrigation district having one or more reservoirs for the storage of water with a single or combined capacity of 250,000 acre-feet or more, where the cost of the proposed acquisition, lease or construction exceeds $100,000, must be voted upon at a special election, district election or primary or general state election in the same manner as for the issuance of district bonds. 2. Notice of the election must contain, in addition to the information required in the case of ordinary bond elections, a statement of the maximum cost of the proposal, exclusive of penalties and interest, together with a concise general statement and description of the proposed acquisition or construction. 3. The ballots must contain a brief statement of the general purpose for which the election is to be held, and the maximum amount of the obligation to be assumed, with the words ................ (Question)—Yes, and ................ (Question)—No, or ................ (Question) and bonds—Yes, and ............... (Question) and bonds—No. 4. If the proposal or the proposal and the issuance of bonds therefor is approved at the election, the board may enter into any contracts in connection with the proposal which it considers necessary, expedient or desirable, including contracts for: (a) Construction of the power and transmission lines; (b) The sale of the power; (c) The transmission of power; (d) The operation, maintenance or management of the project; and (e) Financing the costs of the project approved in the election as an alternative to or in addition to any bonds to be issued, but the sum of the amounts which the district is obligated to pay pursuant to those contracts, excluding payments out of the revenue of the project, and any bonds issued must not exceed the amount of the bonds approved in the election and interest thereon at a rate not exceeding 5 percent above the Index of Revenue Bonds which was most recently published before the contract is executed, bids are received or a negotiated offer is accepted. 5. The board of directors may submit any such contract or proposed contract and bond issue, if any, to the district court of the county where the office of the board is located, to determine the validity thereof and the authority of the board to enter into the contract or acquisition, and the authority for and the validity of the issuance and deposit and transfer of the bonds in the same manner as for the judicial determination of the validity of bonds, and with like effect.
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