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If after receiving and reviewing a petition filed pursuant to this Article, and the recommendations thereto, the City Council determines that the public interest shall be best served by the formation of a district, it shall adopt a resolution of intention, hold a public hearing to receive protests and, provided there are insufficient protests, adopt an ordinance forming the district. The City Council may at any time prior to the adoption of the ordinance forming the district, abandon the proceedings by majority vote. Such abandonment shall not preclude the initiation of new proceedings at any time in the future.