No franchise, ordinance, resolution or measure passed by the City Council, except however, that, whenever the Council is by law required to pass more than one ordinance, resolution or other measure to complete the legislation necessary to make and pay for any public improvement, the provisions of this article shall apply only to the first ordinance, resolution and other measure relative thereto; ordinances or other measures providing for appropriations for the current expenses of the City, or for street improvements petitioned for by the owners of a majority of the feet front of the property benefitted and to be especially assessed for the cost thereof as provided by this Charter; ordinances or resolutions passed for the purpose of borrowing money by refunding bond, note, or certificates of indebtedness; and ordinances such as are provided in Section 73, shall go into effect until thirty days after its passage. If within said thirty days a petition, signed by not less than ten (10) percent of the qualified electors of the City based upon the number of votes cast for Mayor at the last Municipal election, requesting the repeal or submission to a referendum of said ordinance be presented to the Council, the same shall thereupon be suspended from going into operation, and it shall be the duty of the Council to reconsider such ordinance. If upon such reconsideration said ordinance is not repealed the Council may, after the form, sufficiency and legality of the petition shall have been determined and certified by the Director of Law, submit the ordinance to a vote of the electors of the City at a regular or special election which may be called, at the discretion of the Council. If upon reconsideration by the Council such ordinance is lost, or if the Council fails to submit such ordinance to a referendum after the presentation of such petition requesting a referendum the same shall be null and void. If approved by a majority of the electors voting thereon at a referendum election such ordinance shall immediately go into effect.