The Council may, with an affirmative vote of not less than five (5) members, pass emergency ordinances 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 shall set forth the specific facts necessitating the emergency legislation. No legislation involving the granting, renewing or extending of 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, the emergency ordinance shall be published by posting within one (1) week after its passage as set forth in Section 7.04.