To meet a public emergency affecting life, health, safety, property or the public welfare, the Council may make emergency appropriations. Such appropriations may be made an emergency ordinance in accordance with the provisions of Section 5.05. To the extent that there are no available unappropriated revenues to meet such appropriations, the Council may by such emergency authorize the issuance of emergency notes which may be renewed from time to time, but the emergency notes and renewals of any fiscal year shall be paid not later than the last day of the fiscal year next succeeding that in which the emergency appropriation was made.