§ 54. Initiative and referendum—Initiative.

The electors shall have power to propose any ordinance, except an ordinance appropriating money or authorizing the levy of taxes, and to adopt or reject the same at the polls, such power being known as the initiative. Any initiated ordinance may be submitted to the council by a petition signed by qualified electors of the village equal in number to at least twenty (20) per centum of the registered voters at the last regular municipal election.