KRS 96.860: Disposal of plant.

The board or the municipality may sell or dispose of all or substantially all of that part of

an electric plant located within the boundary of the municipality, owned and operated by

it, only by first complying with the following provisions, to wit:

(1) The board shall adopt a resolution which shall state in substance (a) that the board

has approved the proposed sale or disposition, (b) a full description of the property

to be sold or disposed of, (c) the transferee or transferees or purchasers thereof, (d )

the consideration to be received by the board for such sale or disposition, (e) the

terms or conditions of such sale or disposition, (f) the date on which an election

shall be held, which shall be the day of the regular November election.

(2) The resolu tion of the board shall be submitted to the governing body of the

municipality; and if approved by the governing body of the municipality, the

question shall be submitted to an election of the qualified voters in the manner

provided in KRS 96.640, except t hat the question to be presented to the voters in

the general election shall be: "Are you in favor of the sale or disposition of the

electric plant, for the consideration of $.... (here state the consideration)." The voters

shall indicate a "Yes" or a "No" vote. If a majority of all of the qualified voters of

the municipality voting in said general election on the question shall vote in favor of

the sale or disposition of the electric plant, the sale shall be consummated,

otherwise the sale or disposition shall not be made.

(3) The board may dispose of all or any part of an electric plant located without the

boundary of the municipality without an election or any other approval or authority

than that in the board.