Unless approved by an affirmative vote of three-fifths (3/5ths) of the electors voting thereon at a regular or special City election, the City shall not sell, exchange, lease, or in any way dispose of property, easement, equipment, privilege, or asset needed to continue the operation of any municipal public utility. All contracts, grants, leases, or other forms of transfer in violation of this section shall be void and of no effect as against the City. Restrictions of this section shall not apply to the sale or exchange of articles of machinery or equipment which are no longer useful or which are replaced by new machinery or equipment, or to the leasing of property not necessary for the operation of a utility, or to the exchange of property or easements for other needed property or easements.
(Charter effective 1-1-77)