Upon presentation of petition for registration, the Auditor shall immediately transmit the proposed ordinance to the Prosecuting Attorney who shall, within three (3) days, excepting Saturdays, Sundays and holidays, formulate a statement, posed as a question, not to exceed seventy-five (75) words, which statement shall express and give a true and impartial declaration of the purpose of the measure. It shall not be intentionally an argument or likely to create prejudice either for or against the measure.

In addition to such statement, the Prosecuting Attorney shall also prepare a legislative title, not to exceed five (5) words in length, to permit the voters to readily identify the initiative. The legislative title and statement, together with the number assigned to the petition by the Auditor, shall constitute the ballot title.

The Prosecuting Attorney shall file the ballot title with the Auditor within the three (3) day period provided in this section.