(1) After the completion of any work or purchase, the engineer shall file with the clerk of the community improvement district, and the clerk of the city or village, a certificate of acceptance. Such work or purchase shall be considered accepted only after approval by the city or village, and then by the board of trustees or the administrator by resolution.

(2) Upon approval of the certificate of acceptance, if the board of trustees determines special assessments are to be levied, the board of trustees or administrator shall require the engineer to make a complete statement of all the costs of any such improvements, a plat of the property in the community improvement district, and a schedule of the amount proposed to be assessed against each separate piece of property in such community improvement district. The statement, plat, and schedule shall be filed with the clerk of the community improvement district within sixty days after the date of acceptance.

(3) The board of trustees or administrator shall set a time and place for a hearing on the proposed assessments as provided in subsection (6) of this section, then order the clerk of the community improvement district to give notice of such hearing and that such statement, plat, and schedules are on file in his or her office and that all objections thereto or to prior proceedings on account of errors, irregularities, or inequalities not made in writing and filed with the clerk of the community improvement district within twenty days after the first publication of such notice shall be deemed to have been waived. Such notice shall be given by publication the same day each week two consecutive weeks in a newspaper of general circulation published in the city or village where the community improvement district was organized. Such notice shall state the time and place where any objections, filed as provided in this section, shall be considered by the board of trustees or administrator.

(4) The cost of such improvements in the community improvement district shall be levied as special assessments to the extent of special benefits to the property. The complete statement of costs and the schedule of proposed special assessments for such improvements shall be given to the city or village where such community improvement district is located within seven days after the first publication of notice of statement, plat, and schedules. The city or village shall have the right to be heard, and shall have the right of appeal from a final determination by the board of trustees or administrator against objections which such city or village has filed.

(5) Notice of the proposed special assessments for such improvements against each separate piece of property shall be given to each owner of record thereof within five days after the first publication of notice of statement, plat, and schedules and, within five days after the first publication of such notice, a copy thereof, along with statements of costs and schedules of proposed special assessments, shall be given to each person or company who, pursuant to written contract with the community improvement district, has acted as underwriter or municipal advisor for the community improvement district in connection with the sale or placement of warrants or bonds issued by the community improvement district. Each owner shall have the right to be heard and shall have the right of appeal from the final determination made by the board of trustees or administrator.

(6) The hearing on the proposed assessment shall be held by the board of trustees or the administrator sitting as a board of adjustment and equalization at the time and place specified in such notice and not less than twenty days nor more than thirty days after the date of the first publication, unless such session be adjourned, with provisions for proper notice of such adjournment. At such meeting, the proposed assessments shall be adjusted and equalized with reference to benefits resulting from the improvement and shall not exceed such benefits.