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