As soon as practicable after the organization of any such irrigation district, the board of directors shall by a resolution entered on its record, formulate a general plan of its proposed operation, in which it shall state what constructed works or other property it proposes to purchase and the cost of purchasing the same; and further what construction work it proposes to do and how it proposes to raise the funds for carrying out such plan.

Source: SDC 1939, § 61.0901; SDCL, § 46-13-2.