In the event of a state of emergency declared by the Chief Executive affecting life, health, safety or property, or in the event of an acute, unforeseen situation which requires emergency competitive procurements, as provided for in § 5-903.03 of this Administrative Code, or the payment of other unbudgeted expenses, the Chief Executive shall call an emergency meeting of County Council as provided in § 5-311.06 of this Administrative Code to transfer unencumbered appropriations for these purchases and expenses. The Chief Executive shall notify Council as to the nature of the emergency, the reasons why the purchases and expenditures were required, the amount of funds transferred to meet the emergency and the source of the funds.