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a written statement of its defects, to the sponsoring committee and to the City Council. The committee shall have 30 calender days in which to file additional signature papers and/or to correct the specified irregularity. Within five working days of receipt of the corrected petition, the Clerk-Administrator shall determine the sufficiency of the petition as corrected and proceed as directed in Section 5.03. If the petition is still insufficient or irregular, this shall be considered the Final Finding and the Clerk-Administrator shall file the petition as noted and immediately notify the sponsoring committee that no further action will be taken. The final finding that the petition is insufficient or irregular shall not prejudice the filing of a new petition for the same purpose. Except in the case of a petition for recall, it shall not prevent the Council from referring the subject matter of the petition to the voters at the next regular or special election. Section 5.05. Initiative. Any ordinance may be proposed by a petition. The exact text of the proposed ordinance must be stated at the head of each page of the petition. The Council must act upon the proposed ordinance within 60 calendar days after final determination of the petition's sufficiency under the provisions of Section 5.03 of this chapter. The Council may amend the proposed ordinance and must provide such amendments to the petition committee. A majority of the sponsoring committee of the petition may disapprove the amended form by filing a statement with the Clerk-Administrator within 14 calendar days of the receipt of the amended ordinance. If the sponsoring committee does not file disapproval, the ordinance is not required to be submitted to the voters for enactment. Upon filing a statement of disapproval, the proposed ordinance, as stated on the original petition, must be placed on the ballot at the next election occurring in the City. If there is no regularly scheduled election within 120 calendar days of the determination of sufficiency or if the calendar date prohibits compliance with provisions in Chapter 4 of this Charter, at or before its next regularly scheduled meeting, the Council shall call a special election to take place within 90 calendar days of said meeting. If the ordinance receives a majority vote in its favor, it shall become effective 30 calendar days after adoption unless the ordinance specifies a later effective date. Section 5.06. Initiative to Amend the Charter. Nothing in this chapter shall be construed as in any way affecting the right of the voters to propose amendments to this charter. Section 5.07. Referendum. Prior to the date when an ordinance takes effect, it may be subjected to a referendum by a petition which shall state at the head of each page the exact text of the measure to be considered by the voters. If the petition is found to be sufficient under the provisions of Section 5.03 of this chapter, said ordinance shall thereby be prevented from enactment, and the subject matter of the petition shall be placed on the ballot at the next election occurring in the City. If there is no regularly scheduled election within 120 calendar days of the determination of sufficiency or if the calendar date prohibits compliance with provisions in Chapter 4 of this Charter, upon declaration of sufficiency, the Council shall immediately call a special election to take place within 90 calendar days of said meeting. If a majority of the voters voting thereon favors the ordinance contained in the petition, it shall remain in effect. If a majority vote against the ordinance contained in the petition, it shall be considered repealed upon certification of the election results.