(1) A petition for the alteration of an existing form of local government may be presented to the governing body of the local government. The petition must meet the requirements of 7-3-142 through 7-3-145.
(2) The petition must be signed by at least 15% of the electors of the local government registered at the last general election. Whenever county-municipal consolidation is proposed, the petition must be signed by at least 15% of the electors residing within the municipality or municipalities proposed to be consolidated and at least 15% of the electors residing in the remainder of the county.