(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 cable television services or public telecommunications services: (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 cable television services; or (ii) the proposed public telecommunications services;

(a) based on the feasibility study's analysis: (i) for the first year of the study; and (ii) the five-year projection; and

(i) for the first year of the study; and

(ii) the five-year projection; and

(b) separately stated with respect to: (i) the proposed cable television services; or (ii) the proposed public telecommunications services;

(i) the proposed cable television services; or

(ii) the proposed public telecommunications services;

(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.