Before a municipality may engage or offer to engage in an activity described in Subsection 10-18-201(1), the legislative body of the municipality shall:
(1) hold a preliminary public hearing;
(2) if the legislative body elects to proceed after holding the preliminary public hearing required by Subsection (1), approve the hiring of a feasibility consultant to conduct a feasibility study in accordance with Section 10-18-203;
(3) determine whether under the feasibility study conducted under Section 10-18-203, the average annual revenues under Subsection 10-18-203(2)(f) exceed the average annual costs under Subsection 10-18-203(2)(e) by at least the amount necessary to meet the bond obligations of any bonds issued to fund the proposed broadband service, cable television service, or public telecommunications service:
(a) based on the feasibility study's analysis:
(i) for the first year of the study; and
(ii) the five-year projection; and
(b) separately stated with respect to:
(i) the proposed broadband service;
(ii) the proposed cable television service; or
(iii) the proposed public telecommunications service;
(4) if the conditions of Subsection (3) are met, hold the public hearings required by Section 10-18-203; and
(5) after holding the public hearings required by Section 10-18-203, if the legislative body of the municipality elects to proceed, adopt by resolution the feasibility study.