An ordinance may be proposed by petition. The exact text of the proposed ordinance must be stated at the head of each page of the petition. Within 60 calendar days after final determination of the petition's sufficiency under the provisions of Section 5.03 of this charter, the Council may either hold a first reading of the ordinance, as defined in Section 3.05 of this charter and proceed with the adoption process, or amend the proposed ordinance and provide such amendment to the petition committee. Within 14 calendar days of the receipt of the amended proposed ordinance, the petition committee may, by majority vote, disapprove the amendment, and file a statement with the Clerk-Administrator. 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 statement of disapproval, 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 petition committee does not file a disapproval statement, the Council shall hold a first reading of the amended proposed ordinance and proceed with the adoption process. If the Council does not approve the ordinance, it must follow the afore mentioned balloting process. If the ordinance receives a majority vote of the Council in its favor, it shall become effective 30 calendar days after adoption unless the ordinance specifies a later effective date.