An emergency ordinance is an ordinance necessary for the immediate preservation of the public peace, health, morals, safety or welfare. Said ordinance may not levy taxes, grant, renew or extend franchises, or regulate rates. An emergency ordinance shall be introduced in the form and manner prescribed for other ordinances except that it shall plainly be designated as an emergency ordinance and shall contain a declaration stating that an emergency exists and describing it in clear and specific terms. It shall require an affirmative vote of 5 members of the council to enact the ordinance and it shall be published in the official newspaper. It shall become effective upon its adoption or passage or at such later time as it may specify, however, every emergency ordinance shall automatically stand repealed as of the 61st day following its adoption, but this shall not prevent the reenactment of the ordinance in the manner specified in this section if the emergency still exists. An emergency ordinance may also be repealed by adopting a repealing ordinance in the same manner specified in this section for adoption of emergency ordinances.