69-4-312. Procedure to initiate creation of district -- resolution for feasibility study. (1) A governing body, on its own initiative or upon a petition signed by at least 60% of the property owners owning at least 60% of the assessable land of a proposed district requesting the creation of a special improvement district, as provided for in this part, may pass a resolution at a regular or special meeting, declaring that it finds that the special improvement district is in the public interest. The governing body shall make a finding that the formation of the special improvement district, for the purposes set out in this part, will promote the public convenience, necessity, and welfare.

(2) The resolution must state that the costs and expenses will be levied and assessed upon the property benefited and further request that each public utility serving the area by overhead electric or communication facilities shall, within 120 days after the receipt of the resolution, make a study of the cost of conversion of its facilities in the area to underground service. The report of the study must be provided to the governing body and made available for inspection in the office of the governing body and each public utility. The governing body may not pass a resolution of intention to create a special improvement district until it has received the report. The resolution of the governing body must require that each public utility be provided with the name and address of the owner of each parcel or lot within the proposed improvement district, if known, and if not known, the description of the property and other matters as may be required by the public utilities in order to perform the work involved in the cost study. The resolution must further state the area in square feet of each lot or parcel within the proposed conversion service area.