(a) The board of commissioners of any improvement district owning a system of waterworks, gas plants, or electric plants may sell the system or any of them, together with the right to operate them, when they shall determine by resolution adopted by a majority vote of the board that it would be for the best interest of the district that the sale be consummated.
(b)
(1) Before any sale shall be consummated, there shall be filed within one (1) year after the adoption of the resolution, with the board of commissioners of the improvement district, a petition, signed by a majority in value as shown by the last county assessment of the owners of real property within the improvement district proposing to make the sale, asking that such sale be made and stating the minimum price at which such sale shall be made. In no event shall the minimum price be a sum less than the amount necessary to pay all the outstanding secured indebtedness against the plant or system.
(2) Upon the filing of this petition, the board of commissioners shall give notice, by publication one (1) time a week for two (2) weeks in a newspaper published in the county in which the improvement district may lie, advising the owners of real property within the improvement district that on a day therein named the board of commissioners of the improvement district will hear the petition and determine whether those signing the petition constitute a majority in value of such owners of real property.
(3) At the meeting named in the notice, the owners of real property within the improvement district shall be heard before the board of commissioners, which shall determine whether the signers of the petition constitute a majority in value. The finding of the board of commissioners shall be conclusive, unless within thirty (30) days thereafter suit is brought to review its action in the chancery court of the county in which the improvement district lies.
(4) In determining whether those signing the petition constitute a majority in value of the owners of the real property within the improvement district, the board of commissioners and the chancery court shall be guided by the records of deeds in the office of the recorder of the county and shall not consider any unrecorded instrument.