(1) Before passing the ordinance, the city council shall cause the city clerk to give notice by publication one (1) time a week for two (2) weeks in a newspaper published in the county in which the city may lie, advising the property owners within the proposed district that on a day therein named, the council will hear the petition and determine whether those signing the petition are actually owners of real property in such city.
(2) At the meeting named in the notice, the owners of real property within such city shall be heard before the council, which shall determine whether ten (10) persons who actually own real property within the limits of the city actually signed the petition.
(3) The finding of the council shall be conclusive unless within thirty (30) days thereafter suit is brought to review its action in the chancery court of the county where the city lies.