If written protests are filed by the holders of title to one-half or more of the value of the taxable real property or taxable land, as the case may be, within the proposed improvement district, as shown by the last equalized assessment roll of the county, prior to the hearing on the resolution of intention or prior to the hearing on any proposed changes with respect thereto, and, if there remain on file protests representing one-half or more of the value of such taxable real property or taxable land, as the case may be, at the time the Mayor and Common Council have concluded the hearing on the resolution of intention and any hearing on proposed changes with respect thereto, further proceedings shall not be taken, and the Mayor and Common Council shall declare the proceedings abandoned unless the protests are overruled by an affirmative vote of four-fifths of the members of the Common Council. If such protests do not remain on file at the conclusion of the hearing or hearings or if they are overruled by a four-fifths vote of the members of the Common Council, the Mayor and Common Council shall by resolution determine whether or not it is deemed necessary to form the improvement district and issue bonds which shall be special obligations of and be issued on behalf of the improvement district. If the Mayor and Common Council determine that it is necessary to form the improvement district and issue bonds, the resolution shall also state, in accordance with the prior proceedings:
A. The purposes for which the proposed bonds are to be issued;
B. The estimated cost of the accomplishment of such purposes and the amount of the proposed bonds;
C. That the exterior boundaries of the portion of the City which will be benefited by the accomplishment of the purpose are set forth on a map on file with the City Clerk, which map shall govern for all details as to the extent of the improvement district;
D. That such portion of the City set forth on the map shall thereupon constitute and be known by the name designated in the resolution.
(Ord. 3589, 7-06-76)