The electors shall have the power to propose any ordinance or resolution except an ordinance appropriating money or authorizing the levy of taxes, and to adopt or reject the same at the polls, such power being known as the initiative. An initiated ordinance or resolution shall be submitted to Council by a petition signed by at least ten (10) per cent of the electors voting at the last regular municipal election. When so submitted, the Clerk of the Council shall determine the sufficiency of the petition and if found sufficient the Council shall take final action, either enacting, amending, or rejecting the proposed ordinance, within forty (40) days after submission. If Council fails to pass such proposed ordinance or resolution or passes it in some form different from that set forth in the petition therefor, the petitioners through the committee named on such petition may by the next regular meeting of Council request in writing that it be submitted to a vote of the electors. Thereupon, Council shall provide for submitting the petitioned ordinance or resolution to the electors at the next general or regular municipal election occurring more than ninety (90) days after the filing of such petition, but if such petition is signed by at least twenty (20) per cent of such electors, the date of the election may be fixed therein, which may be a special election to be held at any time more than ninety (90) days after the filing of such petition.