To meet a public emergency affecting life, health, property, or the public peace, the City Council may adopt one or more emergency ordinances, but such ordinances may not levy taxes, may not grant, renew, or extend a franchise; may not regulate the rate charged by any public utility for its services; or may not authorize the borrowing of money except as provided in Chapter X. An emergency ordinance shall be introduced in the form and manner prescribed for ordinances generally, except that it shall be plainly designated as an emergency ordinance and shall contain, after the enacting clause, a declaration stating that an emergency exists and describing it in clear and specific terms. An emergency ordinance may be adopted with or without amendment, or rejected, at the meeting at which it is introduced, but the affirmative vote of at least five (5) members shall be required for adoption. After its adoption the ordinance shall be published and printed as prescribed for other adopted ordinances. It shall become effective upon adoption or at such later time as it may specify. Every emergency ordinance shall automatically stand repealed as of the 61st day of the ordinance unless extended by Resolution of the City Council for an additional thirty (30) days. An emergency ordinance may also be repealed by adoption of a repealing ordinance in the same manner specified in this section for adoption of emergency ordinances.