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Legislation initiated by a valid and sufficient petition as determined according to Section 8.02 of the Charter shall be referred by Council to a committee of Council to hold a public hearing thereon and to report its recommendations to Council within thirty days of the date such matter is referred to such committee. Council shall, not later than thirty days following the public hearing by the committee, either pass the legislation in its original form, or in a form agreed to by a majority of the committee appointed by said petition, or Council shall take appropriate action to submit the legislation to a vote of the electors at the next primary or general election to be held not less than seventy-five (75) days after the referral by Council to the Board of Elections. A copy of the proposed legislation shall be available for review on the date of the election at all polling places within the City. If initiated legislation is approved by a majority of the electors voting thereon, it shall be legislation of the City effective as of the date of the original certification of the result of such election, or at such later date as may be provided in the legislation.