No office shall be created or abolished, expenditures authorized, taxes or assessments imposed, contract approved, franchise granted, street, alley or public grounds vacated, real estate or interest therein acquired, sold or disposed of, nor any private property taken for public use, unless a majority of the Council-elect shall vote in favor of the same, except as herein provided by the use of initiative and referendum. No action of the Council shall be rescinded or reconsidered at a special meeting, unless there be present as many members as were present when such action was taken.