7-3-1231. Action on referendum petition. (1) If a referendum petition or amended petition is found sufficient, the clerk shall certify that fact to the commission at its next regular meeting and the ordinance or part of the ordinance set forth in the petition may not go into effect, or further action under the ordinance is suspended if it has gone into effect, until approved by the electors.

(2) Upon receipt of the clerk's certificate, the commission shall reconsider the ordinance or part of the ordinance, and its final vote after reconsideration must be on the question "Shall the ordinance (or part of the ordinance) set forth in the referendum petition be repealed?" If after reconsideration the ordinance or part of the ordinance is not repealed, it must be submitted to the electors at an election conducted in accordance with Title 13, chapter 1, part 4. If when submitted to the electors any ordinance or part of an ordinance is not approved by a majority of those voting on the issue, it is repealed.