Municipalities incorporated under special act; petition for

reorganization; election. Any municipality incorporated under a special act may abandon its organization and organize itself under the provisions of the general law relating to municipalities. A. If a petition signed by qualified electors of the municipality equal in number to not less than one-eighth of the total number of votes at the last preceding regular municipal election requests the governing body to submit to the qualified electors the question of reorganizing the municipality under the provisions of the Municipal Code, the governing body shall, within fourteen days after the petition is certified as valid, adopt an election resolution calling for a special election in the manner provided in the Local Election Act [Chapter 1, Article 22 NMSA 1978] on the question of reorganizing the municipality under the provisions of general law. The special election shall only be held in June or July in odd-numbered years or July or August in even-numbered years in accordance with the provisions of the Local Election Act. B. The petition may further propose that the boundary of the municipality incorporated by special act be extended by including any or all territory that is: (1) laid off or platted; (2) adjoining or contiguous to the municipality or any addition or subdivision of the municipality; and (3) not within the boundary of another municipality. C. The petition shall describe the boundary of the municipality as it would exist if the municipality incorporated by special act is reorganized under general law. The registered voters residing within the boundary of the municipality as it would exist if the municipality incorporated by special act is reorganized may vote in the election authorized in this section.