Annexation of the entire Village to another political unit shall be made only in the manner herein provided. Application for the annexation shall be by petition, filed with the Council. The petition shall be accompanied with an accurate map or plat of the Village and shall be signed both by two-thirds in number of the owners of real property in the Village and by the owners of two-thirds in tax value of such property. The Council may, thereupon, by a three-fourths vote of the full membership thereof, submit the question of the annexation to a vote of the electors of the Village at the first general election occurring more than sixty days after the passage of the resolution. The resolution shall also set forth the terms and conditions upon which the annexation shall become effective. Thirty days' notice of the submission of the question shall be given by publication in one or more newspapers of general circulation in the Village. If two-thirds of the electors voting at the election upon the question of the annexation shall vote in favor thereof, the annexation may be made upon the terms and conditions set forth in the resolution. The proceedings otherwise shall be as now or hereafter provided by the laws of Ohio.