(1) After the passage of the ordinance, it shall be published one (1) time in a newspaper published in the municipality, or if there is no newspaper so published, then in a newspaper which has a bona fide general circulation within the municipality, with a notice to all persons concerned stating that the ordinance has been passed and that the municipality contemplates the issuance of the bonds described in the ordinance and that any person interested may appear before the legislative body, upon a certain date which shall be not less than ten (10) days subsequent to the publication of the ordinance and notice, and present protests.
(2) At the hearings all objections and suggestions shall be heard and the legislative body shall take such action as it shall deem proper in the premises.