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Within thirty (30) days after the final passage by Council of any ordinance or resolution, provided that such power shall not extend to any ordinance relating to the appropriation of money or levy of taxes a petition signed by electors of the Municipality not less in number than twenty percent (20%) of the total electors voting at the last regular municipal election mat be filed with Council requesting that the ordinance or resolution be repealed or submitted to a vote of the electors. When said petition is filed, the Clerk of Council shall within ten (10) days ascertain the sufficiency of the petition and, if found sufficient, Council shall, within forty (40) days of the filing of such petition, reconsider such ordinance or resolution. At such time that 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 any of the following occurs:
(a) There is a final determination of insufficiency of the petition.
(b) The petitioner's committee withdraws the petition.
(c) Council repeals the ordinance.
(d) Thirty days have elapsed after a vote by the electors on the ordinance.
If, upon reconsideration such ordinance or resolution is not repealed, Council shall provide for submitting the same to a vote of the electors at the next general election or regular municipal election occurring more than sixty (60) days after the filing of such petition; provided that if a referendum petition is filed at such time that the submission of the legislation referred to therein to a vote of the electors at a general election or regular municipal election would not occur within a period of six (6) months after the filing of such petition, Council may provide for submitting such legislation to a vote of the electors at an election to be held at a date fixed by Council but not later than eight (8) months after the filing of such petition.