In Russell County, the City of Phenix City may not sell or transfer any water and sewer system or any part of a water and sewer system owned or operated by or on behalf of the city unless the sale or transfer is approved by a majority of the qualified electors of the City of Phenix City in Russell County voting at a referendum election on the approval of the sale or transfer. The referendum election shall be held at the next regularly scheduled citywide election held in Phenix City at least 60 days after the city council or other governing body has adopted any ordinance or resolution providing for any sale or transfer covered by this amendment and the terms and conditions thereof.