The Council may at any time at least sixty (60) days prior to a November election, or the date of the special election designated in the resolution herein provided, declare by resolution, adopted by a vote of a majority of the members of Council eligible to vote, that the amount of taxes which may be raised within the limitations of this Charter will be insufficient to provide an adequate amount for the necessary requirements of the City for current operating expenses, and other expenses payable from the general fund of the City, and such permanent improvement and equipment as shall have an estimated useful life of five (5) years or more; and that it is necessary to levy taxes in excess of such limitations, in addition to the levies authorized and limited by this Charter for the City purpose or purposes specified in such resolution. Such resolution shall specify the additional sum which it is necessary to levy, the purpose or purposes thereof, the additional rate estimated to be required therefor, and the date of any proposed election thereon. Such resolution shall be effective upon its adoption and shall be certified, within five (5) days thereafter to the election authorities who shall place such questions upon the ballot at the next succeeding November election or at such special election specified in the resolution. If a majority of those voting thereon vote for the approval of such additional levy, the Council shall immediately make such levy, or such part thereof as it finds necessary, pursuant to such approval, and certify the same to the County Auditor, to be placed on the tax list and collected as other taxes. The taxes upon such other subjects and for any such other purposes as may be lawful under the laws of this State, shall not be deemed impaired or abridged by reason of any provision contained in this Charter.