(A) The town’s water utility be removed from the jurisdiction of the State Utility Regulatory Commission for approval of rates and charges and of the issuance of stocks, bonds, notes or other evidence of indebtedness.
(B) This section takes effect 60 days after its final adoption; provided, however, if within this 60-day period, the Town Council receives a petition in proper form:
(1) That is signed by at least 10% or 500 of the registered voters of the town as determined by the County Election Board, whichever is less; and
(2) That requests the Town Council to submit the question of removal from the jurisdiction to the State Utility Regulatory Commission to a referendum at the next election.
(C) This section will not take effect until and unless removal of the town’s water utility from the Commission’s jurisdiction for approval of rates and charges and of the issuance of stocks, bonds, notes or other evidence of indebtedness is approved by a majority of those voting on the question at an election.
(Ord. 1994-02, passed 6-7-1994)