(a) A community college district may be established by:(1) any independent school district or city which has assumed control of its schools;(2) any city which has assumed control of its schools;(3) two or more contiguous common school districts; or(4) a combination composed of one or more independent schools districts with one or more common school districts of contiguous territory.(b) The proposed community college district must have a minimum assessed valuation (as defined in the Texas Tax Code, Chapter 1, §1.004) of not less than $2.5 billion and a total scholastic population of not less than 15,000 in the school year preceding the date of the Letter of Intent as set out in §8.27 of this title (relating to Application Procedures) for the proposed community college district. A petition for an election to create a district of this type must be signed by not less than 10% of the qualified voters in the proposed district.