Upon accepting a petition to form a park and recreation service area, or upon passage of a resolution to establish such a service area, the county legislative authority shall order a full investigation for the purpose or purposes of the proposed service area to determine the feasibility of forming the same and to determine the estimated initial costs involved in obtaining the objectives set forth in the petition or resolution. The reports on the feasibility and the cost of the proposed service area shall be made available to the county legislative authority, and copies of such reports shall be filed with the clerk of the county legislative authority not more than eighty days after the county legislative authority first directs that the studies and reports be undertaken. The county legislative authority shall also provide by resolution that within twenty days after receiving the reports a public hearing shall be held at the county seat or at some convenient location within the proposed service area. At least five days before the hearing, the county legislative authority shall give notice of the hearing not less than twice in a legal newspaper of general circulation in the county. The notice shall describe the boundaries of the proposed service area, the purpose or purposes of the proposed service area, the estimated initial costs, indicate that the reports and other materials prepared at the order of the county legislative authority are available in the office of the clerk of the county legislative authority for the study and review of any interested party, and set the time, date and place of the hearing.