Section 2.  Referendum.
   The electors of the Municipality shall have the power to approve or reject at the polls any ordinance or resolution passed by the Council except as hereinafter provided. Within thirty (30) days after the final passage by Council of an ordinance or resolution, a petition signed by at least that number of electors which equals ten percent (10%) of the electors voting at the last preceding general election may be filed with the Clerk of Council requesting that such ordinance or resolution be either repealed or submitted to a vote of the electors. If said petition is signed by that number of electors which equals fifteen percent (15%) or more of such electors, the date of election may be fixed therein, provided such date shall be not less than ninety (90) days from the time of filing thereof. When said petition is filed, the Clerk shall forthwith determine the sufficiency of the petition, and if found sufficient, the Council shall thereupon, within thirty (30) days of the filing of such petition, reconsider such ordinance or resolution. If, upon such reconsideration, the ordinance or resolution is not repealed, the Council shall submit it to a vote of the electors on the date fixed in the petition, or if no date is fixed therein, at the next general election occurring more than ninety (90) days after the filing of such petition. No such ordinance or resolution shall go into effect until approved by a majority of those voting thereon. Ordinances or resolutions providing for improvements petitioned for by the owners of a majority of the front feet of the property benefitted and to be specifically assessed therefor, ordinances limited to the subject of fiscal appropriations, and emergency ordinances or resolutions shall not be subject to the referendum.
   Ordinances or resolutions submitted to the Council by initiative petition and passed by the Council either with or without change but not submitted to a vote of the electors, shall be subject to referendum in the same manner as other ordinances or resolutions.