(1) At the regular meeting of the Board at which the report of the Auditor is received upon a validated petition, the Board shall call for a public hearing on the proposed ordinance to be held not more than thirty (30) days thereafter.

(2) The Board shall adopt or reject the proposed ordinance on a roll call vote within thirty (30) days of the public hearing held pursuant to subsection (1) of this section. If the Board rejects the proposed ordinance, they shall, at the same meeting as the rejection occurs, set the date for the election on the proposed ordinance. Such election must be the next regular election or a special election called by the Board within a period of 240 days of the date of rejection of the ordinance by the Board pursuant to RCW 29.13.010, whichever shall occur first; provided, that at least 105 days shall have elapsed between the introduction of the proposed ordinance and the election.