Pursuant to the authority granted by I.C. 8-1.5-39.1, 60 days from the date of final action hereon the Town Water Utility, a department of the town, shall be removed from the jurisdiction of the Indiana Utility Regulatory Commission for purposes of approval of rates and charges and of the issuance of stocks, bonds, notes or other evidence of indebtedness unless prior to the expiration of such 60 days the Town Council receives a petition, as provided by law, which requests the Town Council to submit such removal from the Commission to the registered voters of the town.
(1991 Draft Code, § 9-145) (Ord. 5-89, passed 5-8-1989)