(1) Following the conclusion of the hearing, the legislative body shall by resolution either abandon the proceeding taken pursuant to ORS § 376.705 to 376.825 or determine that the pedestrian mall shall be established.

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(2) If assessments are to be levied as contemplated by ORS § 376.735, then in the resolution provided for in subsection (1) of this section, the legislative body shall fix and establish the boundaries of the district as finally determined. [1961 c.666 21,25]