1. (a) Proceedings to dissolve a town may be instituted under section 10.5 or 10.6 of this chapter or by filing with the executive of the county containing more than fifty percent (50%) in assessed valuation of the land in the town:

   1. (1) a resolution adopted by the town legislative body requesting dissolution; or
   2. (2) a petition signed by at least twenty-five percent (25%) of the town's voters registered at the last general election.
2. (b) On receipt of a petition or resolution for dissolution, the county executive shall mark the petition or resolution with the date of filing.

As added by P.L.342-1987, SEC.2. Amended by P.L.5-1989, SEC.110; P.L.4-1991, SEC.143.