SECTION 7.04. SUSPENSION OF EFFECT OF ORDINANCE REFERRED.
   When a referendum petition is filed with the Clerk of Council, the ordinance 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; or
   (2)   Council repeals the ordinance; or
   (3)   The results of the voting on the referred ordinance have been certified.