The laws of Ohio relating generally to taxes, budgets, appropriations, deposits, expenditures, debts, bonds, contracts and other fiscal matters of the Municipality shall be applicable to this City except as modified by, or necessarily inconsistent with, the provisions of this Charter.
   Provided, however, that in the event the Council should levy an income tax, the ordinance levying said income tax shall not become effective until the same shall be approved by a favorable vote of the people.
(Amended November 7, 1967)