Section 39. Reconsideration

At any time prior to the election at which a
  local law is to be submitted to the electors for  approval  pursuant  to
  this  charter,  the  council,  not  later than fifteen days prior to the
  election, may reconsider its action thereon and repeal  such  local  law
  without  submission  to  the  mayor,  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.