If the report of the board of directors, referred to in § 34-31A-39 , is favorable to such proposal, either in whole or in part, the board of county commissioners shall promptly designate a time and place for a hearing upon the petition and shall give notice thereof in the manner prescribed by § 34-31A-7 . At such hearing, any person owning taxable property or residing within the boundaries of the existing district or the territory to be annexed, shall have the opportunity to be heard respecting the proposed annexation.
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