The mayor and city council shall meet within five (5) days after said election to canvass the votes cast at such election, and the city clerk shall immediately announce the results. Any initiative measure approved by a majority of the votes cast shall be in full force and effect from the date of such announcement. Any ordinance which is the subject of a referendum receiving less than a majority of the votes cast shall be repealed, effective on the date of such announcement. (2003 Code § 1-22-12)