Each ordinance initiated by a petition and finally certified by the Clerk to be valid and sufficient shall, upon presentation, be referred by Council to a committee to hold a public hearing thereon and to report its recommendations at the next regular meeting of Council. Council shall, not later than the second regular meeting following such reference, either pass the ordinance in its original form, or take such action as may be required to submit the ordinance to a vote of the electors at the next general or primary election occurring more than 90 days thereafter, or at a special election to be held on a date fixed by Council by a vote of at least five members thereof. If an initiated ordinance is approved by a majority of the electors voting thereon, it shall be an ordinance of the Village, and shall take effect immediately unless another date is specified therein. Any resolution proposed by initiative petition for the purpose of terminating a contract for fire or police services shall be submitted to a vote of the electors, without other action by Council than may be required to ensure an election thereon as promptly as possible.