Upon receiving an initiatory or referendary petition from the Clerk, the Council shall, either:
(1) If it be initiatory petition, adopt the ordinance as submitted in the petition within thirty days after the receipt thereof, or determine to submit the proposal to the electors; or
(2) If it be a referendary petition, repeal the ordinance to which the petition refers within thirty days after the receipt thereof, or determine to submit the proposal to the electors.