(a) The annual Village meeting shall be held on the first Wednesday of April at a time and place specified by the trustees, and in accordance with Vermont statutes.

(b) The Village meeting shall discuss and adopt the budget presented by the trustees with or without amendment. Initiative petitions must be signed by qualified voters of the Village equal in number to at least five percent (10% for a bond issue) of the total number of qualified voters registered to vote at the last regular Village election.