A petition to convert an existing irrigation district to an irrigation and rehabilitation district shall be signed by at least fifty holders of title or evidence of title to land within the district. The petition shall contain the following:
(1) The legal description of the property to be served.
(2) The signature and address of each petitioner, together with the legal description of the lands within the district owned by each.
(3) Any other matter deemed material.
The petition shall be accompanied by a bond, to be approved by the board, in double the amount of the probable cost of organizing the district, and conditioned that the bondsperson will pay all the costs if the organization is not effected.