Sec. 8.03  INITIATIVE
   Legislation initiated by a valid and sufficient petition shall be referred by Council to a committee of Council to hold a public hearing thereon and to report its recommendations at the next regular meeting of Council after said public hearing. Council shall, not later than the second regular meeting following such reference, either pass the legislation in its original form, or in a form agreed to by a majority of the committee appointed by said petition, or take appropriate action to submit the legislation to a vote of the electors at the next primary or general election to be held not less than sixty (60) days after the filing of appropriate notice with the Board of Elections. If initiated legislation is approved by a majority of the electors voting thereon it shall be legislation of the Municipality, effective as of the date of the original certification of the result of such election, or at such later date as may be provided in the legislation.