357H.2  Petition for public hearing.
  1.  The board shall, on the petition of twenty-five percent of the residents of a proposed rural improvement zone, if the assessed valuation of the property owned by the petitioners represents at least twenty-five percent of the total assessed value of the proposed zone, hold a public hearing concerning the establishment of a proposed zone. The petition shall include a statement containing the following information:
  a.  The need for the proposed zone.
  b.  A description of the boundaries of the proposed zone.
  c.  The approximate number of families in the proposed zone.
  2.  The board may require the petitioners to post a bond conditioned upon the payment of all costs and expenses incurred in the proceedings if the zone is not established.
97 Acts, ch 152, §2