Every ordinance and resolution of the Council shall be signed by its President or, in his absence, by the President Pro-Tem and shall be presented forthwith to the Mayor by the Clerk of Council. If the Mayor approves such ordinance or resolution, he shall sign and return it, but if he does not approve it, he shall return it with a statement of his objections to the Council, who shall enter his objections on its journal.
   The Council may then reconsider the vote on the passage of such legislation not later than at its next regular meeting. If, on reconsideration, it is approved by two-thirds (2/3) of the members of Council, it shall become effective.
   If any ordinance or resolution shall not be returned by the Mayor within seven (7) days after it was presented to him, it shall become effective.
   The Mayor may disapprove any item or items of an ordinance making an  appropriation of money, and the item or items so disapproved shall be void unless, repassed by the Council in the manner herein prescribed.