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 the Clerk of Council by petition signed by electors of the City, at least equal in number to three percent (3%) of the registered electors as shown by those registered and qualified to vote in the last regular municipal election. When so submitted, the Clerk of Council shall determine the sufficiency thereof and if 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 within thirty (30) days of action or failure to act of the Council may file an additional petition signed by registered electors of the City of Westlake at least equal in number to three percent (3%) of the registered electors of the City of Westlake as shown by those registered and qualified to vote in the last regular municipal election. Thereupon, Council shall provide for submitting the petitioned ordinance or resolution to the electors at the next county wide general election, or regular municipal election occurring more than ninety (90) days after the filing of such petition. If such petition is signed by at least twenty percent (20%) of the registered electors as set forth herein, the date of such election may be fixed in the petition, which may be a special election to be held at any time more than ninety (90) days after filing of the additional petition signatures. (Amended 5-6-03.)