Whenever a petition, signed by sixty percent of the owners of all real property in a proposed improvement district, is presented to the city council or village board of trustees setting forth (1) the property to be included in the improvement district, (2) the improvement or improvements authorized by the Combined Improvement Act which they desire made in such district in reasonable detail and stating the location of each, and (3) an estimate of the cost of the improvement or improvements, which estimate does not exceed the dollar limitations in section 19-2408, the city council or village board of trustees shall cause the petition to be examined and the estimate of cost of the improvement or improvements verified. If the petition is found correct, the city council or village board of trustees shall by ordinance create an improvement district consecutively numbered, known as Improvement District No. ........., and cause the improvements to be made if such can be done within such dollar limitations.