When the petition is found to be sufficient, the City Administrator shall so certify to the Council at its next meeting, stating the number of petitioners and the percentage of the total number of voters which they constitute, and the Council shall at once read the ordinance and refer it to an appropriate committee, which may be a committee of the whole. The Council shall thereupon provide for public hearings upon the ordinance, after the holding of which the ordinance shall be finally acted upon by the Council not later than 65 days after the date upon which it was submitted to the Council by the City Administrator. If the Council fails to pass the proposed ordinance, or passes it in a form different from that set forth in the petition and unsatisfactory to the petitioners, the proposed ordinance shall be submitted by the Council to the vote of the registered voters at the next election; but if the number of signers of the petition is at least 200, the Council shall call a special election upon the measure. Such special elections shall be held not less than 30 nor more than 45 days from the date of final action on the ordinance by the Council or after the expiration of 65 days from the date of submissions to the Council when there has been no final action; but if a regular election is to occur within three months, the Council may submit the ordinance at that election. If the Council passes the proposed ordinance with amendments and at least
four-fifths of the committee of petitioners does not express their dissatisfaction with such amended form by a statement filed with the City Administrator within 10 days of the adoption thereof by the Council, the ordinance need not be submitted to the registered voters.