All ordinances shall be subject to rescission by a special City meeting, as follows: if, within 10 days after final passage by the Council of any such ordinance, a petition signed by electors of the City not less in number than 10 percent of the number of votes cast in the last municipal election is filed with the City Clerk requesting its reference to a special City meeting, the Council shall fix the time and place of such meeting, within 14 days after the filing of the petition, and notice thereof shall be given in the manner provided by law in the calling of a special City meeting. An ordinance so referred shall remain in effect upon the conclusion of such meeting unless electors not less in number than 10 percent of the number of votes cast in the last municipal election and constituting a majority of those voting thereon, shall have voted against the ordinance.