Each ordinance initiated by a petition certified to be valid and sufficient shall upon presentation be referred by Council to a committee to hold a public hearing thereon and to report its recommendations at the next regular meeting of Council. Council shall, not later than the second regular meeting following such reference, either pass the ordinance in its original form or in a form agreed to by a majority of the committee appointed by said petition; or take appropriate action to submit the ordinance to a vote of the electors at the next primary or general election to be held not less than sixty days after the filing of appropriate notice with the Board of Elections. If an initiated ordinance is approved by a majority of the electors voting thereon it shall be an ordinance of the Village, effective as of the date of the official certification of the result of such election, or at such other date as may be provided in the ordinance.