If, prior to the date when an ordinance takes effect, a petition is signed by a number at least equal to fifteen percent of the number of voters casting ballots in the last regular municipal election, and is filed with the person designated by the Council requesting that any such ordinance be repealed or be submitted to a vote of the registered voters, the ordinance shall thereby be prevented from taking effect.
The Council shall thereupon reconsider the ordinance at its next regular meeting, and either repeal it or by aye and no vote re-affirm its adherence to the ordinance as passed.
In the latter case, the Council shall immediately order a special election to be held thereon, or submit the ordinance at the next election, pending which the ordinance shall remain suspended. If a majority of the registered voters voting thereon is opposed to the ordinance, it shall not become effective; but if a majority of the registered voters voting thereon favors the ordinance, it shall go into effect immediately or on the date therein specified.