It turns out that the samizdat copy I quoted Wednesday was not the final version, though the content is identical. I've posted the PDF version of the real thing here (Acrobat Reader required). Here are the key parts:
The Council, not later than ten (10) days after the certification of the [initiative] election results by the Board of Elections... shall redivide the City into seven (7) wards...Everything I said about this proposal on Wednesday stands, with one exception: It looks like the proposed Charter change, if passed in 2006, would require new Council elections in November 2007 (Cleveland's next "regular municipal election") rather than 2009. So the twenty-one Council Members elected next Tuesday would have only two years to serve their current wards, before being thrown into a bloody free-for-all for the seven new, much bigger ward seats or the four citywide seats. (Like I said, good luck getting your Councilman to return a call during those two years... he or she will be much too busy talking to campaign funders.)
The Council of the City shall consist of eleven (11) members, four (4) of which shall be elected at-large and the remaining seven (7) of which shall be elected by ward.
The eleven (11) Councilmen to be elected under the terms herein shall be elected at the next regular Municipal Election in accordance with the provisions of Chapter 3 of the Charter of the City of Cleveland. The division of the City into wards existing at the time of the adoption of this amendment shall continue until changed as provided.
Another, possibly unintended consequence would be to sever the elections for Council and Mayor. Council election years would now be 2007, 2011, 2015, etc. while the Mayoral race would still be in 2009, 2013, 2017, etc. Gotta think about he consequences of that.