The county committee may approve the petition only if all of the following conditions are met:

1. (a) The governing board of the receiving district has consented to all conditions of annexation by an agreement signed by a majority of the members of the board.

2. (b) The county committee finds that:

   1. (1) The annexation will not result in any increased cost to the state.
   2. (2) The annexation will not result in a reduction in state aid to community college districts not party to the petition.
   3. (3) The allocation of local property tax revenues has been accurately determined and will be appropriately implemented.
   4. (4) The annexation will not significantly affect the racial or ethnic composition of the district affected.
   5. (5) The annexation will not decrease education opportunities for residents of districts involved.