The board of directors of any water district shall have power to cause to be constructed within such district such works as are authorized by sections 46-1001 to 46-1020 and to issue revenue bonds therefor which shall be exempt from taxation. Such bonds shall be self-liquidating out of the revenue to be derived by the district for its services and facilities, shall be issued to mature in such installments as shall be determined by the board of directors of the district, and shall bear interest payable monthly, annually, or semiannually. Such revenue bonds may also be issued to refund outstanding revenue bonds or notes or other evidences of indebtedness issued to pay costs of improvements for which bonds could be issued. Upon determining a schedule of benefit units and unit fees, the board shall cause a declaration of availability of such units for subscription to be entered in its minutes and any individual who fails to become a participating member within thirty days thereafter shall not be eligible to hold office as a director, nor shall any individual, firm, partnership, limited liability company, association, or corporation which fails to become a participating member within ninety days after such declaration be qualified to participate at any meeting or vote at any election held thereafter unless such individual, firm, partnership, limited liability company, association, or corporation shall thereafter become a participating member.