SECTION 4.  THE REFERENDUM.
   The referendum shall not be applicable to: (1)  Ordinances making or transferring annual appropriations, or amendments thereto; (2) measures providing for the discharge of any obligation legally due from the Village; (3) measures submitting any measure to a vote of the electors; (4) measures directing the performance of any official duty or providing for investigations or reports; (5) resolutions not having the force or effect of law; (6) repealing measures passed by Council pursuant to referendum petitions; (7) measures relating to any public improvement subsequent to the ordinance determining to proceed; or (8) emergency measures, passed in compliance with provisions of this Charter.
   The taking effect of any measure subject to referendum shall be postponed by the filing of a referendum petition within 45 days after the passage thereof, unless the committee herein provided shall certify that the petition is invalid or insufficient, in which event such ordinance shall take effect in accordance with the other provisions of this Charter.
   Each referendum 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 repealing measure or take appropriate action to submit it to a vote of the electors at the next regular or primary election to be held not less than sixty days after the filing of appropriate notice with the Board of Elections.  If the repealing measure is approved by a majority of the electors voting thereon, the ordinance shall not take effect. Otherwise, the measure shall take effect immediately upon official certification of the result of such election.