Following such publication and public hearing and being fully informed in the premises, it is the duty of the township board of such township to find and determine the desirability and need, if any, for proposed special fire protection district to protect special industrial facilities in such township and in the event it is found and determined by the township board that all of the industrial properties of operated industries within the boundaries of proposed special fire protection district have attained and constitute two-thirds of the assessed valuation on tangible property in such township in the current or preceding tax year and by reason of the height of combustible buildings and the congregation of industries within industrial areas and also in proposed special fire protection district of such township board and further finding by such township board that the existing fire fighting equipment is not adequate and the township has no means to provide needed equipment to properly protect such industrial properties beyond the capacity of established fire stations then maintained at the expense of all taxpayers in the township, including such industrial properties, then it becomes the duty of such township board to fix a budget for the purchase of auxiliary or additional equipment and employment of personnel to operate such equipment within the proposed special fire protection district, together with all needed and necessary expenses to be incurred on any annual basis, to supplement and specially protect such industrial facilities from hazard of fire in addition to the fire station or stations maintained for the protection of all properties in the township.

When a budget has been prepared showing the cost of purchasing necessary fire fighting equipment, employment of necessary personnel and all cost of operation of proposed services in the special fire protection district of such township, the township board shall post a notice or notices in conspicuous places in the proposed special district and thereby designate and fix the time and place in the proposed special district for a public meeting, to which all parties signing said petition, together with all taxpayers within such proposed special fire protection district, will be advised by the township board about the annual cost or estimated expense of furnishing proposed auxiliary fire protection service and services within such special district. Taxpayers within the proposed special district may be heard at such meeting.