1. To establish a sewage or storm water facility improvement district, the governing body of any city with a population of three hundred fifty thousand or more inhabitants which is located in more than one county, or the governing body of any county of the first classification without a charter form of government that has a population of at least one hundred sixty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government containing a portion of a city with a population of at least three hundred fifty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government as of August 28, 1995, that has a population of more than one hundred five thousand but less than one hundred twenty thousand inhabitants, shall comply with the procedures described in subsection 2 of this section.

2. The governing body of any city with a population of three hundred fifty thousand or more inhabitants which is located in more than one county, or the governing body of any county of the first classification without a charter form of government that has a population of at least one hundred sixty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government containing a portion of a city with a population of at least three hundred fifty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government as of August 28, 1995, that has a population of more than one hundred five thousand but less than one hundred twenty thousand inhabitants, proposing to create a sewage or storm water facility improvement district may, by resolution, submit the question of creating such district to all qualified voters residing within such district at a general or special election called for that purpose. Such resolution shall set forth the project name for the proposed sewage or storm water facility improvement, the general nature of the proposed improvement, the estimated cost of such improvement, the boundaries of the proposed sewage or storm water facility improvement district to be assessed, and the proposed method or methods of assessment, including any provision for the annual assessment of maintenance costs of the improvement in each year after the bonds issued for the original sewage or storm water facility improvement are paid in full. The governing body of the city or county may create a sewage or storm water facility improvement district when the question of creating such district has been approved by the vote of the percentage of electors within such district voting thereon that is equal to the percentage of voter approval required for the issuance of general obligation bonds of such county under Article VI, Section 26 of the Constitution of this State. The notice of election containing the question of creating a sewage or storm water facility improvement district shall contain the project name for the proposed improvement, the general nature of the proposed improvement, the estimated cost of such improvement, the boundaries of the proposed sewage or storm water facility improvement district to be assessed, the proposed method or methods of assessment, including any provision for the annual assessment of maintenance costs of the improvement in each year after the bonds issued for the original improvement are paid in full, and a statement that the final cost of such improvement assessed against property within the district and the amount of general obligation bonds issued therefor shall not exceed the estimated cost of such improvement, as stated in such notice, by more than twenty-five percent. The question of whether to create any sewage water facility improvement district or storm water facility improvement district, the boundaries of which are not identical to any existing or proposed storm water facility improvement district or any existing or proposed sewage water facility improvement district, shall be submitted to the voters as a separate question; however, the question of whether to create a sewage water facility improvement district and a storm water facility improvement district, the boundaries of which are identical, may be submitted as a single question. The ballot upon which the question of creating a sewage or storm water facility improvement district is submitted to the qualified voters residing within the proposed district shall contain a question in substantially the following form:

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3. Upon receiving the requisite voter approval at an election, the governing body of any city with a population of three hundred fifty thousand or more inhabitants which is located in more than one county, or the governing body of a county of the first classification without a charter form of government that has a population of at least one hundred sixty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government containing a portion of a city with a population of at least three hundred fifty thousand inhabitants, or the governing body of any county of the first classification without a charter form of government as of August 28, 1995, that has a population of more than one hundred five thousand but less than one hundred twenty thousand inhabitants, may, by resolution, determine the advisability of the improvement and may order that the sewage or storm water facility improvement district be established and that preliminary plans and specifications for the improvement be made. Such resolution shall state and make findings as to the project name for the proposed improvement, the nature of the improvement, the estimated cost of such improvement, the boundaries of the sewage or storm water facility improvement district to be assessed, the proposed method or methods of assessment, including any provision for the annual assessment of maintenance costs of the improvement in each year after the bonds issued for the original improvement are paid in full, and shall also state that the final cost of such improvement assessed against the property within the sewage or storm water facility improvement district and the amount of general obligation bonds issued therefor shall not, without a new election, exceed the estimated cost of such improvement by more than twenty-five percent.