If the annexation is by contract, a petition shall be presented to the governing board of any junior college district, executed by all property owners of all property situated in the territory proposed for annexation. The petition shall contain a legally sufficient description of the territory proposed for annexation. The governing board of the junior college district, if it deems the annexation to be in the best interest of the district, may effect the annexation by:
(1) entering its order authorizing the annexation of the territory by contract; and
(2) then entering into a written agreement duly executed and acknowledged by all persons, corporations, and entities owning property within the territory.