The regular election for electing trustees under the provisions of this part 1, after the first election to be called by the mayor, shall be held biennially on the first Tuesday in June; but if the entire city or town is included within the jurisdiction of such board of trustees, the election may be held in conjunction with the regular election. The election shall be conducted by the clerk in accordance with the provisions of the "Colorado Municipal Election Code of 1965" insofar as practicable. Only registered electors who reside in that part of the city or town within the jurisdiction of such board of trustees shall be permitted to vote in such election. Likewise only registered electors residing in such part of the city or town shall be permitted to vote on any proposition to create or contract a debt or loan for the purpose of acquiring, constructing, or extending waterworks.
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