(a)

(1) At the time named in the notice, the municipal governing body shall meet and hear all owners of real property within the proposed district who desire to be heard on the question as to whether a majority in assessed value of the property owners has signed the petition and shall make a finding as to whether the petition is signed by a majority in assessed value of the property owners.

(2)

(A) The finding of the governing body shall be expressed in an ordinance.

(B)

(i) If it finds that a majority has signed the petition, it shall then be the duty of the governing body, by the same ordinance, to establish the district.

(ii)

(a) The ordinance shall designate the boundaries of the district and the object of the proposed improvement as described in the petition.

(b) The ordinance shall also give the district a name descriptive of the nature of the proposed improvement and a number to prevent its being confused with other similar districts.

(b)

(1) The ordinance shall be published within thirty (30) days after its adoption for one (1) insertion, in some newspaper published in the city or town where the district lies, or if there is no such newspaper, then in some newspaper published in the county.

(2)

(A) Where improvement districts are organized in any city or town in which no newspaper is regularly published, all notices required may be published in any newspaper that is published and has a bona fide circulation in the county.

(B) If there is no newspaper published in the county where the city or town lies, the ordinances and notices provided for in the cases of local improvement districts in cities and towns may be published by posting them in at least ten (10) conspicuous places in the city or town where the improvement is to be made.

(c) The findings of the governing body shall be conclusive unless attacked by a suit in the chancery court of the county, brought within thirty (30) days after the publication.

(d) The governing body and the chancery court in their finding shall be governed by the record of deeds in the office of the recorder of the county and shall not consider any unrecorded instrument. They shall also be governed by the value placed upon the property as shown by the last county assessment on file in the county clerk's office.

(e) If any petition is not acted on by the governing body within one (1) year from the date of its filing, it shall become void unless there is pending in the court an injunction suit which prevents such action or a mandamus suit to compel action by the governing body. In any event, the petition shall become void unless acted on within two (2) years from the date of its filing.