(1) A utility commission established under this subchapter by the city council or other governing body may be abolished by a majority vote of the city council or other governing body.
(2) No abolishment of any such commission, whether pursuant to the provisions of this subchapter or otherwise, shall affect the rights, properties, or obligations held or incurred by the commission.
(3) If twenty-five percent (25%) of the electors of the city petition the city council to do so, a special election shall be ordered in accordance with § 7-11-201 et seq. not later than fourteen (14) days from the date on which the petition was filed to be held at least ninety (90) days after the order on the question whether the utility commission shall be abolished or continued.
(4) A majority vote of the electorate shall determine the question.