Before setting or modifying a rate, charge, or assessment under this section, for any water or sewerage system it constructs or acquires, the political subdivision shall:
(1) Give prompt notice of the proposed rate, charge, or assessment in at least 1 newspaper of general circulation in the area of the water or sewerage system; and
(2) Conduct a public hearing on the necessity or advisability of the proposed rates, charges, or assessments.