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The people shall always have the right to initiate any measure or ordinance upon a petition of 25% of the qualified registered voters of the city, voting at the last preceding general municipal election. Any such ordinance or measure may be initiated by filing such ordinance or measure with the City Comptroller, together with such petition of 25% of the qualified registered voters as aforesaid, not less than 60 days before the general municipal election, whereupon the City Comptroller shall check the signers to the petition and if such petition is found to contain the requisite number of signatures of qualified registered voters of the city, the measure or ordinance so initiated must be placed on the ballot for the people to approve or reject at the next general municipal election.