The electors shall have the power to propose any ordinance or resolution except an ordinance appropriating money or authorizing the levy of taxes, and to adopt or reject the same at the polls, such power being known as the initiative. An initiated ordinance or resolution shall be submitted to the Council by a petition signed by at least ten percent (10%) in number of the electors voting at the last regular municipal election. When so submitted, the Clerk of the Council shall promptly determine the sufficiency of such petition and if sufficient the Council shall take final action, either enacting or rejecting the proposed ordinance or resolution within forty (40) days after submission. If the Council fails to pass such proposed ordinance or resolution or passes it in some form different from that set forth in the petition therefor, the petitioners through the committee named on such petition may, by the next regular meeting of the Council, request in writing that it be submitted to a vote of the electors. Thereupon the Council shall provide for submitting the initiated ordinance or resolution to the electors at the next general or regular municipal election occurring more than ninety (90) days after the filing of such petition, but if such petition is signed by at least twenty percent (20%) in number of such electors, the date of the election may be fixed therein, which may be a special election to be held at any time more than ninety (90) days after the filing of such petition.