In like manner, upon the presentation of the application to the mayor or other chief executive officer of any incorporated city or town, accompanied by a declaration on the part of the company that its line of railroad shall be located and constructed within one (1) mile of such city or town, as provided in §§65-7-101 —65-7-105, then it is made the duty of such mayor or chief executive officer to convene the board of mayor and aldermen, or other governing or representative body of such city or town, and submit such application for its consideration. Should a majority of the board of mayor and aldermen, or other governing or representative body of such city or town, be of the opinion that an election should be held in the same to determine whether or not such city or town should make the subscription, it shall so order.