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The Council may, with an affirmative vote of not less than five (5) members, pass emergency ordinances or resolutions to take effect immediately upon their passage, or at the time indicated therein in order to preserve the public interest, public peace, property, health, safety or welfare, or to provide for special emergencies in the operation of City services. Each emergency ordinance or resolution shall set forth the reason necessitating the emergency legislation. No ordinance or resolution involving the granting, renewing or extending a franchise or regulating the rate to be charged for public utility services shall be passed as an emergency measure. In lieu of publication by posting before adoption, an emergency ordinance or resolution shall be published by posting within one (1) week after its passage.