A. The Municipal Campaign Finance and Financial Disclosure Act shall apply only to municipalities with a population of more than ten thousand (10,000) according to the most recent Federal Decennial Census and a general fund expenditure budget in excess of Ten Million Dollars ($10,000,000.00) in the fiscal year in which the municipal elections are held.

B. A municipality described in subsection A of this section may enact a comprehensive code of campaign finance and personal financial disclosure ordinances, including provisions for enforcement thereof, in which case the Municipal Campaign Finance and Financial Disclosure Act shall not apply to the municipality. A municipality described in subsection A of this section may contract with an interlocal entity operating under the Municipal Campaign Finance Disclosure for Exempted Municipalities Act and the municipality may alternatively follow the provisions of the Municipal Campaign Finance Disclosure for Exempted Municipalities Act when they have adopted their own comprehensive code of campaign finance and personal disclosure ordinances as authorized under this act. Any municipality enacting such a code shall file a notice of its action with the Ethics Commission, which shall have no enforcement responsibilities under the code.