If after the hearing has been closed it appears that the owners of more than one-half of the separately assessed parcels or lots within the proposed district and subject to the assessment have made objection in writing to the formation of the district, the council shall so find. Thereafter, the legislative body shall not proceed further under the resolution of intention and the proceedings shall be terminated unless a four-fifths vote by council is in favor of proceeding with the district. A new hearing may be held no sooner than one year after such finding. (Prior code § 7073.9)