§ 52.47  EFFECTIVE DATE.
   (A)   This subchapter shall not take effect until 60 days after final adoption by the Common Council unless within that 60-day period the Common Council receives a written petition that is signed by at least 10% or 500 of the registered voters of the city, as determined by the County Election Board, whichever is less.
   (B)   (1)   If the Common Council receives a petition described in division (A) above, in the proper form, the legislative body shall submit the following public question to the registered voters of the municipality at the next election in the form prescribed by I.C. 3-10-9-4:
“Shall the municipally owned utility be taken out of the jurisdiction of the Indiana Utility Regulatory Commission for the approval of rates and charges and of the issuance of stocks, bonds, notes or other evidences of indebtedness?”
      (2)   The Common Council shall mail written notice of the referendum to the Commission at least ten days before the date of the election.
   (C)   If a majority of those voting on the question described in division (B) above favor taking the municipally owned utility out of the jurisdiction of the Commission, the utility is removed from the jurisdiction of the Commission for approval of rates and charges and of the issuance of stocks, bonds, notes or other evidences of indebtedness.
   (D)   If the Common Council receives a petition in proper form under divisions (A) and (B) above, this subchapter does not take effect until after removal is approved by a majority of those voting. If a majority of those voting vote against removal, the utility remains under the jurisdiction of the Commission and this subchapter does not take effect.
(Ord. 8-1995, passed 8-21-1995)