A proceeding to change the name of a town may be instituted under this chapter by filing with the town clerk-treasurer a petition that meets the following conditions:

1. (1) The petition must be signed by a majority of the registered voters of the town.
2. (2) The petition must be verified by at least one (1) of the petitioners.
3. (3) The petition must contain a statement of the proposed new name of the town and the reasons to change the town's name.
4. (4) The petitioners agree to pay all costs and expenses incurred by the town if the petition is unsuccessful.

5. (5) The petition must be accompanied by a bond that meets the following conditions:

   1. (A) The bond is payable to the town.
   2. (B) The bond is for costs and expenses incurred under this chapter if the petitioners do not pay the costs and expenses.
   3. (C) The bond is satisfactory to the town legislative body.

As added by P.L.258-1993, SEC.1.