Within thirty (30) days of receiving a petition for initiative or referendum from the Clerk, the Commission shall:
(a) In the case of a petition for initiative, adopt the ordinance as submitted in the petition, submit the proposal to the electors of the city, or reject the petition on the basis that the proposal is not legally appropriate for the initiative process;
(b) In the case of a petition for referendum, repeal the ordinance to which the petition refers, submit the proposal to the electors of the city, or reject the petition on the basis that the proposal is not legally appropriate for the referendum process.