The initiative and referendum powers, reserved to the people under the Ohio Constitution, shall be exercised in the manner provided by General Law under Sections 731.28 to 731.40 of the Revised Code or as the same may be hereafter modified, except that:
(A) Any initiative or referendum petition filed with the Fiscal Officer of the Municipality of Lewisburg shall contain the signatures of not less than ten percent (10%) of the number of voters at the next preceding election for the office of Governor;
(B) When a petition, having the required number of signatures, is filed with the Fiscal Officer, it shall be held in that office for a period of fifteen (15) days before certification of the text of the proposed ordinance is made to the Board of Elections;
(C) That the committee designated by the petitioners to file said petition shall consist of three (3) members.
In all other respects the procedure with reference to initiative and referendum petitions shall be the same as that provided in the General Law sections referenced above then in effect. Whenever the Council is required to pass more than one (1) ordinance or resolution to complete the legislation necessary to complete and pay for any public improvement, the referendum shall apply only to the first ordinance or resolution to be passed and not to any subsequent ordinance or resolution in the series relating thereto.