Moultonboro has been doing this for a while, Blackey's cove was done last year and it worked great. Milfoil is a huge problem for the lake and for the native fish and flora. Typically all affected waterfront properties are notified.
I haven't delved too far into this as I haven't had time, but Moultonboro has a pretty substantial amount of information on this, here is the link:
http://www.moultonborough.org/Pages/...20Comm%20Index