Newburgh residents are being urged to vote on the community purchase of the former town reservoir at Lochmill.
Scottish Water wants to sell the loch, which has not been used in recent years.
Having registered an interest in owning the loch in 2007, Newburgh Community Trust (NCT) now has a chance to buy it under the terms of the 2003 Land Reform Act. The trust has to prove, through a ballot, that there is public support for the purchase.
Everyone living in the KY14 6 postcode should have received a postal ballot paper, with 50% backing required for the Scottish Government to accept the bid.
Fife Council has helped with funding to hold the ballot and completed ballot papers have to be returned by Tuesday, with the result being revealed the next day.
Trust chairman Andrew Arbuckle said NCT has to prove to the Scottish Government there is public support for the purchase and the ballot to justify the move.
“We need to get more than 50% of the locals actually voting in support before the Scottish Government will accept the bid, he said. “That is a big ask but all we are calling for is for people to demonstrate a wish to keep some of their heritage in local control.”
He said explanatory leaflets had been sent to every household, giving the background to the bid and the obligations that go along with ownership of a reservoir.
If successful, the trust will be able to access the Community Land Fund for the majority of the cost.
Purchase of the loch will bring responsibilities such as carrying out annual inspections and insurance.
A due diligence exercise will be carried out with qualified professionals prior to any purchase and insurance obligations have already been quantified.
Loch ownership will also bring an annual income from an angling club and a neighbouring farmer using land for grazing.