The qualified voters of this city shall have the right, at their option, to propose ordinances, not in conflict with this Charter, the Constitution or the laws of the State of Texas, and to adopt the same at the polls, such power being known as the initiative. A petition, meeting the requirements hereinafter provided and requesting the council to pass an ordinance, therein set forth or designated, shall be termed an initiative petition, and shall be acted upon as hereinafter provided.