(a) The board of commissioners of any drainage district in this state, when they may deem it inadvisable or impracticable and not for the best interests of the property owners of the district to construct the improvements contemplated by the organization of the district, may, when all indebtedness of the district has been fully paid, file a petition in the court in which the district was organized praying the court to abolish the district. In the petition the commissioners shall set up the reasons why they are of the opinion the district should be abolished.
(b)
(1) Upon the filing of the petition, the court shall direct the clerk to give notice by publication in some newspaper in the county or counties in which the property in the district lies, for not less than two (2) consecutive weekly publications.
(2) The notice shall set out the purpose of the petition and the day set for the hearing thereof.
(c) The court shall fix a day for the hearing of the petition and shall hear the evidence thereon.
(d)
(1) If the court is of the opinion that it is for the best interests of the property owners of the district that the petition be granted, it shall abolish the district.
(2) If the court is of the opinion that it is for the best interests of the property owners that the organization of the district be continued, then it shall overrule the petition.
(e) The overruling of one petition for the abandonment of a district shall not be a bar to the filing of another petition for that purpose.