Every ordinance or resolution passed by Council shall be attested by the clerk of council and promptly presented to the mayor. If the mayor approves such legislation, he or she shall sign it within five days after its passage or adoption by Council, but if he or she does not approve it, he or she shall return it to the clerk within said five-day period together with a written statement of his or her objections, which objections shall be entered in full by the clerk in the journal of Council. The mayor may approve or disapprove the whole or any part or item of an ordinance appropriating money, but otherwise his or her approval or disapproval shall be addressed to the entire ordinance or resolution. If the mayor shall not sign or veto an ordinance or resolution within the period specified, it shall take effect in the same manner as if he or she had signed it on the last day of the said five-day period. Following the disapproval by the mayor of an ordinance or resolution, or a part or item thereof as provided in this section, Council shall, not later than its next regular meeting, reconsider the legislation vetoed by the mayor, and if such legislation shall then be approved by the affirmative vote of at least two thirds of the members of Council, it shall become effective notwithstanding the veto of the mayor.