Ordinances and resolutions may be proposed by initiative petition and adopted by election in the manner now or hereafter provided by the Constitution or the laws of the State of Ohio, except:
a. That initiative petitions shall be filed with the Clerk of Council, and
b. The Council may adopt any ordinance or resolution proposed by initiative petition, without modification thereof, within sixty days after the initiative petitions are filed with the Clerk of Council, in which event the proposed ordinance or resolution shall not be submitted to the electors for their approval or rejection. In the adoption of such ordinance or resolution the Council shall be governed by the provisions of Article IV of this Charter and such ordinance or resolution shall be subject to veto by the Mayor as provided by Sec. 5.05 of this Charter. In the event the ordinance or resolution proposed by initiative petition is not adopted by the Council or in the event the ordinance or resolution is vetoed by the Mayor and the Council fails to override said veto within such sixty day period, the Clerk of Council shall, immediately after such sixty day period, certify such proposed ordinance or resolution to the Board of Elections and the proposed ordinance or resolution shall be submitted to the electors for approval or rejection at the next succeeding general or primary election occurring subsequent to thirty days after the certification of such proposed ordinance or resolution to the Board of Elections. In the event the Council adopts such ordinance or resolution it shall be subject to referendum as provided for in the case of other ordinances or resolutions by Sec. 19.02 of this Charter.