(a) Any ordinance or resolution providing for the appropriation of money, for an annual tax levy or for improvements petitioned for by the owners of property to be benefited and specially assessed therefor, and any emergency ordinance or resolution necessary for, the immediate preservation of the public peace, health and safety, shall take effect immediately upon passage by Council.
(b) Each emergency measure shall contain a statement of the necessity for such emergency action and shall require the affirmative vote of two-thirds (2/3) of the membership of Council for the suspension of rules and for its enactment. No action of Council authorizing the surrender or joint exercise of any of its powers, or granting, extending or renewing any franchise, or contracting for the supply to the Municipality or its inhabitants of the product or service of any utility, whether Municipally owned or not, shall be designated an emergency measure or enacted under suspension of the rules.