Section 15.

Any ordinance or resolution providing for the expenditure of more than Five Thousand ($5,000.00) Dollars, which has been passed by Council, disapproved by the Mayor, and reconsidered by Council, and approved by a two-thirds vote of all members thereof, as provided in the preceding Section, may by resolution of Council be submitted to a referendum of the electors of the City at the next general election held throughout the City, more than sixty (60) days thereafter; and, if approved by a majority of those voting thereon, shall take effect upon the official determination of the result of such election.