The Council may at any time prior to September 15th in any year declare by resolution, adopted by a vote of not less than two-thirds (2/3) of the members elected to Council, that the amount of taxes which may be raised within the limitation of this Charter will be insufficient to provide an adequate amount for the necessary requirements of the Municipality for current operating expenses and other expenses payable from the general fund of the Municipality and such permanent improvements and equipment as shall have an estimated useful life of five (5) years or more, and that it is necessary to levy taxes in excess of such limitation in addition to the levies authorized and limited by this Charter for the municipal purpose or purposes specified in such resolution.
Such resolution shall specify the additional rate which it is necessary to levy, the purpose or purposes thereof, the number of years, not exceeding five (5), during which such rate shall be in effect and the date of the proposed election thereon. Such resolution shall be effective upon its adoption and shall be certified within five (5) days thereafter to the election authorities, who shall place such question upon the ballot at an election to be held on the first Tuesday after the first Monday of November of such year. If a majority of those voting thereon vote for the approval of such additional levy the Council shall, for a period not in excess of that prescribed in such resolution, make such levy or such part thereof as it finds necessary and certify the same to the County Auditor to be placed on the tax list and collected as other taxes.