67.1170.  Lake area business district, authorized, boundaries — resolution, contents — hearing, notice. — 1.  The governing body of any county which borders on or which contains part of a lake with not less than one hundred miles of shoreline, may establish a lake area business district in the manner provided in this section and, upon establishment, each such district shall be a body corporate and politic and a political subdivision of the state.  If such lake area business district is established, it shall consist of the area in that county which is within five miles, more or less, the determination being if the major portion of a voting precinct lies within the five-mile distance of such a lake.

  2.  Upon petition by fifty or more owners of real property located within five miles of the lake described in subsection 1 of this section, the governing body of the county shall adopt a resolution of intention to establish a lake area business district.  The resolution shall contain the following information:

  (1)  Description of the boundaries of the proposed area;

  (2)  The time and place of a hearing to be held by the governing body considering establishment of the district; and

  (3)  The proposed uses to which the additional revenue shall be put and the proposed tax rate to be voted on by residents of the district pursuant to section 67.1177.

  3.  Whenever a hearing is held as provided in this section, the governing body of the county shall:

  (1)  Publish notice of the hearing on two separate occasions in at least one newspaper of general circulation in the county not more than fifteen days nor less than ten days before the hearing;

  (2)  Hear all protests and receive evidence for or against the establishment of the proposed district;

  (3)  Rule upon all protests, which determinations shall be final.

  4.  If the governing body following the hearing decides to establish the proposed district, it shall adopt an order to that effect.  The order shall contain the following:

  (1)  The description of the boundaries of the district;

  (2)  A statement that a lake area business district has been established;

  (3)  The uses to which any additional revenue generated by a tax levied pursuant to section 67.1177 shall be put; and

  (4)  The creation of an advisory board and enumeration of its duties and responsibilities, as provided by section 67.1175.