The people reserve unto themselves the right to propose, by initiative petition, any legislative measure, including the repeal of ordinances adopted by Council, approved by referendum vote or initiated by the people. Such initiative petition must contain the signatures of not less than fifteen per centum (15%) of the registered electors of the Municipality.
   When there shall have been filed a petition signed by the aforestated required number of electors proposing an ordinance or other measure, the Clerk shall certify the same to Council at the next regular meeting, and Council shall at once read and refer the same to an appropriate committee which may be the committee of the whole; provision may be made by such committee of Council for public hearings upon the proposed legislation before the committee to which it is referred, thereafter the committee shall report the proposed measure to Council with the recommendations thereon not later than the second regular meeting of Council following that at which the proposed measure was submitted to Council.
   Upon receiving the proposed measure from the committee, Council shall at once proceed to consider the same and shall take final action thereon within thirty (30) days from the date of such committee's report. If Council rejects the proposed measure, or passes it in a form different from that set forth in the petition, the committee of the petitioners may require that it be submitted to a vote of the electors in its original form or that it be submitted to a vote of the electors with any proposed change, addition or amendment which was presented in writing, either at a public hearing before the committee to which such proposed measure was referred, or during the consideration thereof by council, and shall certify such fact to the Clerk within ten (10) days after the final action on such proposed measure by Council, who shall forthwith certify the same to Council, which shall call an election.
   No measure initiated by the people and adopted by popular vote shall be repealed by Council, or so amended by it as to destroy the effectiveness thereof, within two years (2 yrs.) after it takes effect.