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When a referendum petition is filed with the Clerk of Council, the ordinance or resolution sought to be reconsidered shall be suspended from taking effect. Such suspension shall terminate when:
(1) There is a final determination of insufficiency of the petition; or
(2) The petitioners’ committee withdraws the petition; or
(3) The Council repeals the ordinance; or
(4) Five (5) days have elapsed after the Board of Elections certifies the official vote on the question.