KRS 96.360: Acquisition of existing waterworks -- Notice of agreement -- Petition --

Election.

(1) One (1) or more waterworks, owned by one (1) or more persons, may be acquired as

a single enterprise, and the city legislative body may agree with the owner as to th e

value of the waterworks and purchase it at such value, after giving forty -five (45)

days' notice by publishing the agreement of purchase, pursuant to KRS Chapter 424,

setting out the price, interest rate, condition of plant, possible depreciation and

repairs.

(2) If, within the period of forty -five (45) days, a petition calling for an election on the

proposition is filed with the county clerk of the county, signed by twenty -five

percent (25%) of the qualified voters of the city who voted at the last prece ding

regular election, stating the residence of each signer and verified as to signatures

and residence by the affidavits of one (1) or more persons, an election shall be held

on the proposition. Notice of the election, setting forth the price, terms of bo nds,

interest, general repairs and condition of plant and nature of the election, shall be

given by publication pursuant to KRS Chapter 424. The election shall be held at the

next November election if the petition is filed with the county clerk and certifi ed by

the county clerk as sufficient not later than the second Tuesday in August preceding

the regular election. The question to be submitted to the voters at the election shall

be: "Are you in favor of the city of ________ purchasing ________ at the price of

________?" The purchase shall not be consummated unless a majority of the

qualified voters voting on the proposition vote in favor of the purchase.