Every ordinance or resolution of the Council shall be attested by the Clerk of the Council and promptly presented to the Mayor for consideration before it goes into effect. If the Mayor approves such legislation he or she shall sign it and file it with the Clerk. The Mayor may approve or disapprove the whole or any part of any item of an ordinance appropriating money, but otherwise his or her approval or disapproval shall be addressed to the entire ordinance or resolution. If he or she disapproves it or any item of an ordinance appropriating money, he or she shall file it with written notice of his or her disapproval with the Clerk. Unless an ordinance or resolution is filed with the Clerk with written notice of disapproval within five (5) days after its passage by the Council, it shall take effect as though the Mayor had signed it. When the Mayor has disapproved an ordinance or resolution or item of it as herein provided, the Council may, at its next meeting thereafter, reconsider it, and if upon such reconsideration the ordinance, resolution or item is approved by five (5) of more members of the Council, it shall take effect notwithstanding the disapproval of the Mayor.