When a referendum petition is filed with the Clerk of Council, the ordinance sought to be reconsidered shall be suspended from taking effect. Such suspension shall terminate when:
(1) There is a final determination of insufficiency of the petition; or
(2) The petitioners' committee withdraws the petition; or
(3) The Council repeals the ordinance; or
(4) Election results have been certified showing that a majority of the electors voting on the referred ordinance voted in favor thereof.
(Enacted 11-3-70)