Whenever a referendum petition is filed with the City Clerk-Treasurer, the ordinance 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 Petitioner's Committee withdraws the petition, or
(3) The City Council repeals the ordinance, or
(4) Thirty days have elapsed after a favorable vote of the City electors.