(A) The Water Department and Utility of the town is hereby removed from the jurisdiction of the State Utility Regulatory Commission, as permitted by I.C. 8-1.5-3-9.1, and hereafter the Water Department and Utility of the town shall be removed from the jurisdiction of such Commission for the approval of rates and charges, and of the issuance of stocks, bonds, notes or evidence of indebtedness.
(B) From the after the effective date of this section, the rates and charges and the issuance of stocks, bonds, notes or other evidence of indebtedness pertaining to the Town Water Department and Utility shall be under the jurisdiction and control of the Town Council.
(C) Nothing herein contained is intended to change, adjust, alter or revise existing rates and charges or other standards that would apply to the issuing of stocks, bonds, notes or other evidence of indebtedness of the Town Water Department and Utility, except as herein recited.
(D) This section shall take effect and be enforced commencing 60 days from and after its date of passage, unless an appropriate petition to the Town Council be timely filed seeking and requiring a referendum vote, as contemplated by I.C. 8-1.5-3-9.1.
(Ord. 256, passed 6-27-1989)