The governing body of the municipality may dispose of all or substantially all of the electric plant acquired by means of bonds issued under the provisions of this article, but only with the approval of the supervisory body and a majority of those voting in an election held as follows. The governing body of the municipality shall adopt a resolution which shall state in substance (a) that the supervisory body has approved the proposed disposition; (b) a full description of the property to be disposed of; (c) the purchaser or purchasers thereof; (d) the purchase price; (e) the terms or conditions of sale if such disposition is not for cash payable in full at the time of such disposition; (f) the date on which such election will be held; and (g) the place or places where votes may be cast. At such election the ballots shall contain the words “for the disposition of the electric plant” and “against the disposition of the electric plant.” In all other respects the election shall be called and held in the manner set forth in Section 77-5-407.
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