Sec. 3. A life cycle cost-benefit analysis must include a comparison of the alternatives of:
(1) meeting the water supply or wastewater service needs of the community or area served or proposed to be served through the operation of the water and wastewater treatment plant, as:
(A) owned and operated; or
(B) proposed to be owned and operated;
according to the terms of the permit application; and
(2) meeting the water supply or wastewater service needs of the community or area served or proposed to be served through one (1) or more other potential means.