If prior to the date when an ordinance takes effect a petition is signed by at least 100 qualified registered voters of the City, if filed with the City Administrator requesting that any such ordinance be repealed or be submitted to a vote of the registered voters, the ordinance shall thereby be prevented from going into operation. The Council shall thereupon reconsider the ordinance at it's next regular meeting, and either repeal it or by aye and no vote reaffirm it's adherence to the ordinance as passed. In the latter case the Council shall immediately order a special election to be held thereon, or submit the ordinance at the next election, pending which the ordinance shall remain suspended. If a majority of the registered voters voting thereon is opposed to the ordinance, it shall not become effective; but if a majority of the registered voters voting thereon favors the ordinance, it shall go into effect immediately or on the date therein specified.