Each resolution or ordinance adopted by Council shall be attested by the Clerk of Council who shall promptly present it to the Mayor for his approval or disapproval.
   The Mayor may approve or disapprove the whole, or any part of, any resolution or ordinance appropriating money, but otherwise his approval or disapproval shall be addressed to the entire resolution or ordinance.
   If the Mayor approves such legislation, he shall sign it and file it with the Clerk of Council. If the Mayor disapproves such legislation, or any item of such legislation appropriating money, he shall file it, together with his objections, in writing, with the Clerk of Council. His objections shall be entered in full on the journal of Council.
   Unless the resolution or ordinance is filed with the Clerk of Council with the Mayor’s written notice of disapproval within seven (7) days after presentation to the Mayor, it shall take effect as though the Mayor had signed it.
   Upon the Mayor’s disapproval, as provided herein, the Council may, but not later than its next regular meeting, reconsider the legislation, and if, upon such reconsideration, the legislation is approved by five (5) or more members of Council, it shall take effect notwithstanding the disapproval of the Mayor.