(a) Prior to the authorization to deliver service, a public provider must prepare reasonable projections of at least a three-year cost-benefit analysis which identifies and discloses the total projected direct costs and indirect costs of and revenues to be derived from providing the service. Such costs shall be determined by using generally accepted governmental accounting principles.

(b) Prior to the authorization to deliver service, a public provider shall conduct at least one public hearing. A notice of the time, place, and date of the hearing shall be published in a newspaper of general circulation within the jurisdiction of the public provider once a week for the two weeks preceding the week in which the hearing is to be held.