Section 3.
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Whenever the board of directors or board of supervisors, as the case may be, of districts heretofore or hereafter organized under the laws of the state of Oregon for the reclamation of lands by irrigation, or drainage, or both, deem it to the best interest of such district to enter into agreement with the state of Oregon for the payment by the state of Oregon of interest to accrue in any or all of the first five years of any bonds which said district may have heretofore or may hereafter issue, said board shall forthwith give notice of an election to be held in such district for the purpose of determining whether or not such district shall enter into an agreement with the state of Oregon for payment by the state of interest on said bonds for said years; such notice and the election held thereunder shall conform to the notice and method of election prescribed for the general purposes of irrigation and drainage districts, respectively.