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(a) Action by Council. When an initiative or referendum petition has been finally determined sufficient, the Council shall promptly consider the proposed initiative ordinance or resolution in the manner provided in Article IV of this Charter or may reconsider the referred ordinance or resolution by voting its repeal. If the Council fails to adopt a proposed initiative ordinance or resolution without any change in substance within sixty (60) days or fails to repeal the referred ordinance or resolution within thirty (30) days after the date the petition was finally determined sufficient, the Council shall submit the proposed or referred ordinance to the electors of the Municipality.
(b) Submission to Electors. The vote of the electors on a proposed or referred ordinance or resolution shall be held not less than sixty (60) days and not later than (1) year from the date of the final Council vote thereon. If no regular municipal election os to be held within the period prescribed in this subsection, the Council shall provide for a special election; otherwise, the vote shall be held at the same time as such regular municipal election, except that the Council may in its discretion provide for a special election at an earlier date within the prescribed period, which special election may be held on the same day and at the same time as a State general or primary election.
(c) Withdrawal of Petitions. An initiative or referendum petition may be withdrawn at any time prior to the sixtieth (60th) day preceding the day scheduled for the election by filing with the Clerk of Council a request for withdrawal signed by at least four (4) members of the petitioners' committee. Upon the filing of such a request the petition shall have no further force or effect, all proceedings thereon shall be terminated, the Clerk of Council shall certify such withdrawal of the petitions and the termination of the proceeding under such petitions to the appropriate Board of Elections.