After receipt of a petition under § 12-308 of this subtitle, the legislative body of the county or municipal corporation shall order an investigation and a report on the petition. The report shall include: the nature of the conversion; the estimated cost of the conversion and the proceedings for the conversion; funds available from other sources to pay the costs of conversion; existing assessments; the estimated conversion costs on each parcel; and the maturity date and probable interest rate of any bonds to be issued. Engineering details and cost estimates included in the report may not be in any greater detail than necessary for the formulation of a judgment on the feasibility and expense of the proposed conversion. The report shall be available to the public: when the notice required under § 12-309 of this subtitle is published; and at the public hearing, if held, established in the notice.