(a) The board may, at its discretion, call a hearing to consider excluding land from the district or determine not to call a hearing to exclude land from the district.
(b) If the board holds a hearing under Subsection (a), the board may by order exclude land from the district on any of the grounds for exclusion provided by § 49.306, Water Code, provided that:
(1) the board receives a petition, signed by the owners of the land to be excluded and consented to by all lienholders, requesting exclusion of the land as described by metes and bounds; and
(2) the owners of the land pay to the district a payment and any other fees or costs required by the district.