(a) At the time and place stated in the notice, the governing body of the municipality shall meet and hear all owners of real property in the proposed district who wish to be heard on the question of whether the petitions contain the signatures of a majority in value of the real property owners in the district. It shall make a finding and ruling as to whether the petitions contain the signatures of a majority in value of the real property owners and shall publish the finding one (1) time in a newspaper of general circulation in the municipality.
(b) The finding and ruling of the governing body of the municipality with respect to the sufficiency of the petitions shall be final and conclusive unless questioned by action filed in the chancery court of the county in which the municipality is located within thirty (30) days after the date of publication of the finding.
(1) If the governing body of the municipality determines that the petitions and signatures thereon are sufficient, it shall proceed to establish the proposed district by ordinance. The governing body of the municipality shall, by virtue of their offices, constitute a board of commissioners to make the assessments and carry out the improvements provided for in the ordinance. After the board of commissioners determines the amount of the initial proposed assessment of benefits, and prior to levying the benefits, the initial petition shall once again be presented to the governing body of the city or town and that governing body shall ascertain whether persons who would be liable for a majority of the assessed benefits proposed to be levied had signed the original petition for formation.
(2) If the municipal governing body determines that petitions and signatures are insufficient, then the assessments may not be levied until enough additional signatures of property owners within the boundaries of the proposed district are obtained on the petition so that persons who would be liable for more than fifty percent (50%) of the assessed benefits have signed the formation petition. When the petition is deemed adequate in that respect, the assessed benefits shall be levied, and the assessment shall continue annually for five (5) years and thereafter reassessments may occur as otherwise provided by law.