The City Clerk shall examine any referendum petitions filed with him and shall transmit to the Council at a regular meeting held not later than 20 days after the date of the filing of the petition a certificate that he has examined the petition and has found it complies, or does not comply, as the case may be, with the requirements of the preceding section. If the petition has been found sufficient, the Council, at the same meeting, shall proceed to reconsider the ordinance or part thereof, and its final vote upon such reconsideration shall be upon the question "shall the ordinance (or part of the ordinance) set forth in the referendum petition be repealed?" If upon such reconsideration the ordinance, or part thereof, is not repealed, the Council, at the same meeting, shall provide for the submission of the ordinance to the electors at the next municipal election occurring not less than 15 days after the date of the said meeting. The referred ordinance shall be suspended in its operation from the date of the Clerk's certification to the Council that a sufficient referendum petition thereon has been filed. The Clerk, not more than 10 days nor less than five days before the election thereon, shall publish in the official newspaper the complete text of the referred ordinance and the title by which it will be designated on the ballot. Such title shall be a clear and concise description, without argument, of the substance of the ordinance. The ballot used in voting on any such ordinance shall contain, in addition to the ballot title, the following propositions in the order indicated: "For the ordinance" and "Against the ordinance."
A vote on the question shall be registered by voting for one of such propositions. If a majority of the votes cast are "For the ordinance," the ordinance shall be considered sustained. If a majority of the votes cast are "Against the ordinance," the ordinance shall be considered repealed. If so repealed all rights and privileges conferred by the said ordinance shall be null and void, but any such ordinance so repealed shall be deemed sufficient authority for any payments made or expense incurred by the city in accordance therewith prior to the date of the Clerk's certification to the Council that a sufficient referendum petition has been filed. The Council may require that the referred ordinance be voted upon at a special election held not earlier than 45 days after the receipt of the referendum petition by the City Clerk.