A town or village may acquire or construct a municipal plant, when authorized by three-fifths of the legal voters present and voting by Australian ballot at any annual meeting duly warned. At least 20 days before the annual meeting, the legislative body shall hold a public hearing on the issue of acquisition or construction, giving notice of the public hearing in the same manner as it is given for the annual meeting. In case the voters of the town or village fail to approve the proposal submitted to them, no similar vote shall be taken until the next annual meeting. (Amended 1979, No. 183 (Adj. Sess.), § 2.)