The initiative, referendum, and recall are reserved by this Charter to the people of Montgomery to be exercised as prescribed in this Charter. Electors of the City equal in number to not less than ten percent of the number of those who voted in the preceding gubernatorial election within the municipality may by an initiative petition propose to Council the passage of legislation set forth therein, or by a referendum petition require legislation to be submitted to the electors for approval in accordance with Section 8.04 of this Charter. By petition, electors may propose the recall of an elected officer as provided in Section 8.05 of this Charter.