(a)  The city or town council to which the petition is submitted will forthwith and in any event no later than ninety (90) days after the receipt of the petition hold a public hearing for the purpose of receiving comments from all interested persons on the approval of the petition and the creation of a management district and a district management authority pursuant to the petition. Notice of the public hearing will be given by publication in a newspaper of general circulation within the municipality at least once a week for three (3) successive weeks prior to the date of the hearing. The notice will state the date, time and place of the hearing and contain a description of the boundaries of the proposed district, sufficient to reasonably identify the boundaries of the proposed district, a statement to the effect that it is proposed to create a management district and a district management authority which will have the power to provide services within the management district and apportion the cost of services among the owners of real properly located in the district by means of a special tax assessment, and the office where a copy of the petition may be examined. No notice, other than the notice by publication referred to in this section to the owners of property within the proposed district is required. The boundaries of a district may be described by reference to streets or highways.

(b)  At any time prior to the passage of the ordinance or resolution, the petition may be modified or amended by the petitioners or by persons authorized to act on their behalf without further advertising, provided, however, that in the event such modification or amendment to the petition would either: (1) enlarge or add additional real property to the proposed district or (2) enlarge the purpose of the proposed district management authority or (3) lessen any limitation on the powers of the district management authority, a new public hearing will be held in accordance with the provisions of subsection (a) of this section.