(A) Each emergency ordinance or resolution shall determine that the ordinance or resolution is necessary for the immediate preservation of the public peace, health, safety or welfare, and shall contain a statement of the necessity for the emergency. Council shall declare an ordinance to be an emergency measure only in the event of a demonstrated threat to the public peace, health, safety or welfare of the Village or its residents. (Amended 5-4-99)
(B) No ordinance or resolution regulating the rates for services of privately owned or investor owned public utilities and no ordinance or resolution, other than one pertaining to the issuance of debt obligations by the Municipality, which approves, grants, renews or extends a franchise or other special privileges, shall be passed as an emergency measure. If such ordinance or resolution shall be passed on an emergency basis, it shall be subject to referendum and shall not take effect for thirty days after its passage; however, it shall not be invalidated because of its passage as an emergency measure.