(1) Sections 18-2501 to 18-2538 shall be known and may be cited as the Municipal Initiative and Referendum Act.

(2) The powers of initiative and referendum are hereby reserved to the qualified electors of each municipality in the state. The Municipal Initiative and Referendum Act shall govern the use of initiative to enact and the use of referendum to amend or repeal measures affecting the governance of all municipalities in the state, except those operating under home rule charter and as specified in section 18-2537.

(3) Cities operating under home rule charter shall provide, by charter provision or ordinance, for the exercise of the powers of initiative and referendum within such cities. Nothing in the Municipal Initiative and Referendum Act shall be construed to prevent such cities from adopting any or all of the provisions of the act.