A. Notwithstanding chapter 19 of this title, a flood protection district that is located in a county that contains four or more flood protection districts may transfer lands from its jurisdiction if all of the following apply:

1. 1. Five or more property owners within a flood protection district file with the district's board of directors a petition to transfer lands from the district to another flood protection district. The petition shall describe the lands affected, state the desired action and reasons and be sworn to by the petitioners. At the time of filing, an amount sufficient to cover the estimated expenses of publishing notice and holding a hearing shall be paid to the secretary of the district.
2. 2. All lands remaining in the flood protection district are contained in a single contiguous parcel.
3. 3. The flood protection district has no outstanding obligations.
4. 4. The board of directors of the flood protection district approves the transfer of the lands by resolution, after notice is given and a hearing is held as provided for in sections 48-2946 and 48-2950.
5. 5. Monies held in reserve by the transferring flood protection district are transferred to the receiving flood protection district as prescribed by subsection C of this section. These monies shall be used solely for the benefit and flood protection of the transferred lands.