Upon presentation of a petition for registration to the Auditor, the ordinance referred to in the petition shall be suspended and without force of law until the Auditor shall determine whether the petition is in proper form. If it shall be determined by the Auditor that the petition is in proper form, then the suspension of the ordinance shall continue during the period allowed under CCC 37.04.120 for obtaining the requisite number of signatures to place the referendum on the ballot.