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<br />~o <br />b <br />{.... <br />f'::''' <br />,::-> <br /> <br />,-., <br />'- <br /> <br />. <br /> <br />. <br /> <br />provides for the filing of a petition for election on the <br /> <br />organization of the District with the clerk of the appropriate <br /> <br />District Court signed by not less than ten percent or 200 electors <br /> <br />of the proposed district, whichever number is smelller. Section <br /> <br />37-45-109 (2.5) (a), C.R.S. <br /> <br />After notice, opportunity for protest and heelrings on the <br /> <br />petition, the District Court has the power to decree the district <br /> <br />organized and to appoint its board of directors. Sections <br /> <br />37-45-110 through 114, C.R.S. 1973. Ordinarily, successor <br /> <br />directors are appointed by the Court, provided, however, that upon <br /> <br />petition signed by at least 15% of the taxpaying electors an <br /> <br />election can be called to elect a director to fill a vacancy. <br /> <br />Section 37-45-114(2), C.R.S. Directors must be residents of the <br /> <br />counties in which the district is situated. It seems reasonable <br /> <br />to assume, however, that the Court would favor appointment of <br /> <br />persons residing wi thin the district (s) as direc.tors. <br /> <br />The Water Conservancy Act provides that wh,~n the board of <br /> <br />directors determines that the public interest requires construc- <br /> <br />tion of waterworks or the making of any contract with the United <br /> <br />States to carry out the purposes of the district for which the <br /> <br />obligation created will require an annual expenditure greater than <br /> <br />annual income and revenue of the district, then the proposition <br /> <br />must be submitted to the electors. However, an election is not <br /> <br />required if "the evidence of indebtedness evidencing the <br /> <br />obligation created expressly states that it is payable solely from <br /> <br />-34- <br />