When fifty percent (50%) or more of the area of a municipality shall be liable to inundation by the construction of a lake, reservoir or other body of water, and the municipal governing body determines that it is impracticable to annex adjacent or contiguous terrritory which is necessary for the municipality, the governing body may acquire a new site for the municipality.
Laws 1977, c. 256, § 21-201, eff. July 1, 1978.