The electors of the City shall have the power to propose any ordinance or resolution, 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 the Council by a petition signed by electors of the City not less in number than ten percent (10%) of the electors voting at the last regular Municipal election. Such petition shall designate not less than three (3) of the signers thereof as a committee authorized to take action as in this Section provided.
   When so submitted, the Clerk of Council shall ascertain the sufficiency of such petition and, if found sufficient, the Council shall take final action, either enacting, amending or rejecting the proposed legislation, within forty (40) days after submission.
   If the 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 in such petition, may not later than the next meeting of the Council, request in writing that the legislation as set forth in said petition be submitted to a vote of the electors. Not later than the next regular meeting thereof following receipt of such request, the Council shall provide for submitting the petitioned ordinance or resolution to the electors at the next general election or regular Municipal election occurring more than sixty (60) days after the filing of such request. If such petition is signed by at least twenty percent (20%) of such electors, or such number of electors so request by petition, the Council shall provide for submitting such legislation to the electors at a general or primary election to be held not later than eight (8) months after such request.