On or before the latest date provided by law in any year the Council may by resolution adopted by the vote of the majority of the members, declare that the amount of money that may be raised by taxation within the State limitation, together with all other funds available during the year, will be insufficient to provide an adequate amount for the necessary requirements of the Village and that it is necessary to levy taxes in excess of said limitations for: (1) the purpose of meeting the current expenses of the Village and (2) for any other purpose as permitted by Ohio law. Council shall require the submission of the question of levying such additional tax to the electors of the Village at the next special primary or general election. Such resolution shall specify the rate of the levy required and the number of years during which such rate may be levied, which shall not exceed the number of years otherwise provided by laws of the State of Ohio for the length and duration of levies, up to and including a permanent levy. Such resolution shall take effect upon its adoption and shall be certified by the Village Fiscal Officer or the Clerk of Council forthwith to the election authorities, who shall place said question on the ballot in the form prescribed by State law.
The question covered by such resolution shall be submitted as a separate proposition, but may be printed on the same ballot with any other proposition. If the majority of those voting thereon vote for the approval of such additional levy Council shall immediately make such levy, or such part thereof as it finds necessary, pursuant to such approval, and certify the same to the County Auditor to be placed on the tax list and collected as other taxes.