When a referendum petition is filed with the Clerk of Council, the ordinance or resolution 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;
(2) the petitioners’ committee withdraws the petition;
(3) the Council repeals the ordinance or resolution; or
(4) the electors of the City have approved the adoption of the ordinance or resolution and the election authorities have certified the results of the election.