On or before the first meeting of the Council in August in any year the Council may declare that the amount of money anticipated for the ensuing year will be insufficient to provide an adequate amount for the necessary requirements of the Village, and that it will be necessary to levy taxes in excess of the limitations of Article XII, Section 2 of the Ohio Constitution (1) for the purpose of meeting the current expenses of the Village or (2) for any specified improvement or improvements, including utilities, having a life of five years or more, and may require the submission of the question of levying such additional tax to the electors of the Village at the next November election. Such action shall specify the additional sum which it is necessary to levy, the purpose thereof, and the number of years during which such increased rate may be levied, and for improvements, the estimated life of the improvement. Such action shall take effect upon its adoption and shall be certified within the established guidelines thereafter to the election authorities who shall place the question upon the ballot. If the levy passes by a majority of those voting in the election, Council shall immediately certify to the County Auditor to have the levy placed on the tax list for collection.