The revisions of this 2016 Charter shall be submitted to the electors at the General Election of November, 2020. If approved, the revised Charter shall become effective on January 1, 2021. All elected officials shall hold office until the expiration of their terms, when the next elected officials shall serve as indicated in the separate sections of this Charter. All elected officials and employees of the Village, as of January 1, 2021, shall continue in such employment; and thereafter shall be subject, in all respects, to the provisions of this Charter, and ordinances, resolutions, rules or regulations enacted or promulgated thereunder.