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The Village shall not sell, lease or otherwise dispose for all or substantially all of the properties owned or used by the Village in connection with the operation of its water utility, except upon first submitting the question of any such sale, lease or other disposition, to the legal voters of the Village at a referendum duly called for that purpose; provided, however, that the provisions of this section shall not be deemed to prohibit the sale or other disposition by the Village of any property used in connection with the operation of such utilities if such property is deemed obsolete or is considered no longer necessary or efficiently usable in the operation of such utility.
The Council of the Village shall have the power to regulate any referendum held in accordance with the provisions of this section, to appoint judges of such referendum and to make all necessary provisions and rules for such referendum; provided, however, that the voting at any such referendum shall be by ballot in form as prescribed by statute.
(Ord. MC-228-99 § 5 (part), 1999: prior code § 8.19)