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(1) From the date of registration, sponsors shall have sixty (60) days to file petitions with signatures with the Auditor, such petitions bearing the signatures of legal voters in the County equal in number to, but not less than ten (10) percent of the number of voters who voted in the County at the last gubernatorial election.

(2) If the Auditor shall determine that the requisite number of signatures are filed within the time period allowed, then the suspension of the ordinance, pursuant to CCC 37.04.070 shall continue until the results of the election shall be certified and the voters ratify and approve the ordinance.

(3) Petitions with signatures may be filed at any time during the sixty (60) day period provided by subsection (1) of this section; provided, that the Auditor shall not determine until the expiration of the sixty (60) day period whether sufficient signatures have been filed to validate the petition, unless the sponsor shall so request in writing, and waive his right to submit further petitions with signatures.