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

1. (a) A majority of the affected district governing boards have consented to all conditions of the formation by an agreement signed by a majority of the members of each board.

2. (b) The county committee finds that:

   1. (1) The formation will not result in any increased cost to the state.
   2. (2) The formation will not result in a reduction in state aid to community college districts not party to the petition.
   3. (3) The projected funding of the new district is adequate to meet its needs as projected during the first five years of operation.
   4. (4) The allocation of local property tax revenues has been accurately determined and will be appropriately implemented.
   5. (5) The formation will not significantly affect the racial or ethnic composition of the districts affected.
   6. (6) The formation will not decrease educational opportunities for residents of the districts affected.