Section 204. Transition to benefit basis levy of assessments in existing lighting districts

1. If and when the town board shall determine it  to
  be  in  the  public  interest  for an existing lighting district levying
  assessments by the ad valorem  basis  on  the  effective  date  of  this
  section  to  convert to the levying of assessments by the benefit basis,
  the board may adopt a resolution approving the transition to the benefit
  basis of levying assessments, which resolution shall  be  subject  to  a
  permissive  referendum  in  the manner provided in article seven of this
  chapter, except as hereinafter provided. The proposition submitted  must
  be  approved  by  the  affirmative  vote  of a majority of the owners of
  taxable real property situate in the existing district as shown upon the
  latest  completed  assessment-roll  of  the   town,   voting   on   such
  proposition.  A  petition requesting a referendum shall be sufficient if
  signed and acknowledged by the owners of taxable real  property  situate
  in   the   existing   district,  as  shown  upon  the  latest  completed
  assessment-roll of said town, in number equal to at least  five  percent
  of  the  total  number of such owners, or by one hundred of such owners,
  whichever is the lesser. For the purposes of this section,  a  corporate
  owner  of  such  taxable real property shall be considered one owner for
  the purposes of a petition requesting a referendum and shall be entitled
  to one vote to be cast by an officer or  agent  of  the  corporation  or
  other  duly  authorized  person  designated by appropriate resolution of
  such corporation. The town clerk shall cause to  be  prepared  and  have
  available  for  distribution  proper  forms  for  the petition and shall
  distribute a supply to any person requesting same.
    2. (a) If after the expiration of  the  time  for  filing  a  petition
  requesting  that the matter be submitted to a referendum of the property
  owners of the existing district, no such petition has  been  filed  with
  the  town  clerk,  he  shall file a certificate stating such fact in the
  office of the county clerk.
    (b) If such petition was filed and after the referendum held  pursuant
  to  this  section,  the  town clerk shall prepare and file a certificate
  stating that a petition was filed and a referendum was held pursuant  to
  the  provisions of this section and certifying the result of the vote on
  the proposition submitted at such referendum in the office of the county
  clerk.
    3. If the certificate of the town clerk required to be filed  pursuant
  to  subdivision  two  of  this  section establishes that no petition was
  filed requesting a referendum or that such petition was  filed  and  the
  result  of  the vote on the proposition submitted at the referendum held
  pursuant thereto was in the affirmative, the town board  shall  adopt  a
  final order establishing the transition to the benefit basis.
    4.  The  authority  conferred  by this section to make such transition
  shall not be construed to authorize a transition from the benefit  basis
  to the ad valorem basis of levying assessments.