Twenty-five or more owners of land, but not less than twenty percent of the owners of land lying within the limits of a proposed district, or if there are fewer than twenty-five owners of land in the proposed district, not less than twenty-five percent of all such owners, may petition the board requesting that a district be organized. The petition shall contain:

1. 1. The proposed name of the district.
2. 2. A declaration that there is need, in the interest of preservation of property, health, safety and public welfare, for a district in the territory described.
3. 3. A description of the exterior boundaries of the territory proposed to be organized.

4. 4. A request that the board:

   1. (a) Determine that the district be created.
   2. (b) Define the boundaries of the proposed district.
   3. (c) Direct that a referendum be held within the territory so defined on the question of the creation of a district.