The election notice shall:

(1) State that the election has been called for the purpose of affording the electors an opportunity to approve or reject the plan of merger;

(2) Contain a description of the boundary of the proposed district;

(3) Contain a statement giving a summary of the reason for the proposed merger including a summary of the terms on which the merger is to be made, and the amount of outstanding indebtedness of each district;

(4) State the equitable adjustments of all property, debts and liabilities among the districts involved;

(5) State the name of the proposed district;

(6) Contain such other matters as are set out in the merger plan;

(7) Specify the time of holding the election; and

(8) Name the directors of the districts to be merged who shall constitute the first board of directors of the new district.