Section 26. Reconsideration of local law before submission to referendum

At
  any  time  prior  to  the  election  at  which  a local law adopted by a
  legislative body is to be submitted to the electors for approval because
  it is subject to mandatory or  permissive  referendum,  the  legislative
  body,  not later than fifteen days prior to the election, may reconsider
  its action thereon and repeal such local law, whereupon the  proposition
  for  its  approval  shall  not  be  submitted  at  such  election or, if
  submitted, the vote of the electors thereon shall be without effect.