Upon receiving an initiatory or referendary petition from the Clerk-Treasurer, the Council shall, within thirty (30) days after publication in accordance with section 7.1., either:
(A) if it be an initiatory petition, adopt the ordinance as submitted in the petition or determine to submit the proposal to the electors of the Village.
(B) if it be a referendary petition, repeal the ordinance to which the petition refers or determine to submit the proposal to the electors of the Village.