(1) If the Board of County Commissioners rejects the proposed ordinance and adopts a substitute ordinance concerning the same subject matter, the substitute ordinance shall be placed on the same ballot, with the choice being given the voters of accepting either or rejecting both; then, voters being given the choice of accepting one and rejecting the other.

(2) If a majority of those voting on the first issue is for rejecting both, then neither ordinance shall be approved regardless of the vote on the second issue. If a majority of those voting on the first issue are in favor of enacting one of the ordinances, then whichever of the ordinances receives a greater affirmative vote shall become effective ten (10) days after the results of the election are certified, unless a later date is specified in the approved ordinance.

(3) No adopted ordinance shall be a substitute ordinance within the meaning of this section unless the Board shall so designate by placing the ordinance on a ballot for consideration at the same time as a proposed ordinance.