The initiative and referendum are reserved by this Charter to the people of the Village, to be exercised as prescribed in this Charter. Electors, not less in number than 1/5 of those who voted at the preceding general election, may by an initiative petition propose to Council the passage of an ordinance or other measure set forth therein, or by a referendum petition propose the repeal of any ordinance or measure passed within the prior 30 days by Council, except as otherwise prescribed in this Charter.