(a) Initiative. The electors of the town shall have the power to propose any legislative matter to the council. Initiative petitions must be signed by registered electors equal in number to at least fifteen (15) percent of the total number of electors registered to vote at the last regular municipal election.
(b) Referendum. The electors of the town shall have the power to require reconsideration by the council of any ordinance and, if the council fails to repeal an ordinance so reconsidered, to approve or reject it at a town election, in accordance with the provisions of this article. However, this power of referendum shall not extend to ordinances appropriating any revenues or calling a special election, emergency ordinances described in section 5.11, or ordinances that authorize any municipal borrowing requiring an election pursuant to article XI of this charter. Referendum petitions must be signed by registered electors of the town equal in number to at least ten (10) percent of the total number of electors registered to vote at the last municipal election.