(1) The organization of a district shall be initiated by a petition filed in the office of the clerk of the board of county commissioners of the county creating the district. The petition shall be signed by not less than thirty percent or two hundred of the electors of the proposed district, whichever is less. After the filing of a petition, no signer shall be permitted to withdraw his or her name therefrom.

(2) The petition shall set forth:

(a) The name of the proposed district, which shall include the name of the county creating the district, a descriptive name or number, and the words "public improvement district";

(b) A general description of the improvements to be constructed, installed, acquired, operated, or maintained or the services to be provided by the district;

(c) The estimated cost of the proposed improvements or the estimated annual cost of providing the proposed services;

(d) A general description of the boundaries of the district or the territory to be included therein, with such certainty as to enable a property owner to determine whether or not his or her property is within the district;

(e) The names of three persons who shall represent the petitioners and who have the power to enter into agreements relating to the organization of the district, which agreements shall be binding on the district, if created;

(f) A prayer for the organization of the district; and

(g) A statement that either:

(I) The boundaries of the proposed district include at least one hundred eligible electors;

(II) The boundaries of the proposed district include at least one eligible elector for each five acres of land included within the proposed district; or

(III) The petition is signed by one hundred percent of the owners of taxable real property to be included in the proposed district.

(3) No petition with the requisite signatures shall be declared void on account of alleged defects. The governing body, at any time, may permit the petition to be amended to conform to the facts by correcting any errors in the description of the territory, or in any other particular. Similar petitions or duplicate copies of the same petition for the organization of the same district may be filed and together shall be regarded as one petition. All such petitions filed prior to the hearing on the first petition filed shall be considered by the governing body the same as though filed with the first petition.

(4) If the petition is signed by one hundred percent of the owners of the taxable real property to be included in the district and the petition contains a waiver request, the board of county commissioners may, at its discretion, waive all or any of the requirements for notice, publication, and a hearing set forth in sections 30-20-507 and 30-20-508.