(a) Upon the filing of the petition, the county court shall set a date for hearing thereon, not less than fifteen (15) days nor more than thirty (30) days after the first publication of notice of the filing of the petition. Notice of the filing shall be published once each week for not less than two (2) weeks in a newspaper having a general circulation in the city or incorporated town.
(b)
(1) After hearing the petition, if the court shall be satisfied that the designated area or territory has not been recognized by city or incorporated town officials and has not been assessed for taxation as a part of the city or incorporated town for more than ten (10) years, that it is no longer suitable for urban development, that the territory to be excluded is accurately described, and that the welfare of the inhabitants and property owners of both the city or incorporated town and of the area or territory affected will be best served, it shall make an order excluding designated area or territory described in the petition or such portions thereof as it determines should be so excluded from the limits of the city or incorporated town and remitting it back to the county.
(2) The clerk of the county shall certify a copy of the order to the recorder of the county, to be recorded by him or her, and shall likewise cause a certified copy to be forwarded to the Secretary of State, to be otherwise filed as provided by law.