Before constructing or acquiring any public infrastructure, the district board shall cause a study of the feasibility and benefits of the project that shall be prepared by engineers and other qualified persons and that shall include a description of the public infrastructure to be constructed or acquired and all other information useful to understand the project, a map showing, in general, the location of the project, an estimate of the cost to construct, acquire, operate and maintain the project, an estimated schedule for completion of the project, a map or description of the area to be benefited by the project and a plan for financing the project. Within sixty days after receiving the report, the board shall hold a public hearing on the report and provide notice of the hearing by publication not less than ten days in advance in the official newspaper of the municipality or county or, if none in the municipality, a newspaper of general circulation in the county and by mail to the governing body of the municipality. Within sixty days after the hearing, the district board may reject, amend or approve the report. If the report is amended substantially a new hearing shall be held within sixty days after the date the amended report is received and before approval. If the report is approved, the district board shall adopt a resolution that identifies the public infrastructure of the project, the areas benefited, the expected method of financing, including the nature and timing of the issuance of bonds, if any, and an appropriate system of providing revenues to operate and maintain the project. The district board shall execute the provisions of the report within the time frames identified in the approved report.