When a sufficiency of signatures has been determined the petition shall be deemed an initiative bill. The city council may enact or reject any initiative bill, but may not amend or modify the same; provided, that the city council may, after rejection of any initiative bill, propose and pass a different one dealing with the same subject. In the alternative, the city council may defer the matter to the voters which deferral shall constitute a technical rejection under the City Charter and the remaining provisions of this chapter. [Ord. 2006-05-042].