§ 5. Initiative procedure for franchise.

Whenever a petition signed by a number of qualified electors of the city equal to twenty-five percent (25%) of the total number of votes cast for the office of Mayor at the preceding general election demanding that a franchise be granted, extended, or renewed shall be filed with the City Clerk, and is determined by the City Clerk to meet the requirements of this Section, the Mayor shall within ten (10) days thereafter call a special election at which the question of whether such franchise shall be granted, extended, or renewed shall be submitted to the qualified electors of the city.