Before the annual election, the council shall make an estimate of the taxes required for the ensuing year, and if the amount estimated exceeds two per cent of the assessed valuation of the taxable property within the corporate limits, the council shall cause to be specified in the election notices, what taxes over and above the said two per cent are required, and for what purpose; and on the day of election at 2 o'clock P.M. the judges of election shall call the voters present to order, and the clerk shall state what taxes are required as per election notice, and the voters shall declare by vote, what taxes over and above the said two per cent shall be levied and collected, and for what purpose; and all such taxes thus ordered shall be levied and collected by the council. Provided the council may call a special election to vote for taxes, upon giving similar notice thereof.