To meet a public emergency affecting life, health, property, or the public peace, the Council may adopt one or more emergency ordinances; but such ordinances may not levy taxes; grant, renew or extend a franchise; or authorize the borrowing of money except as otherwise provided by this Charter or by law. A proposed emergency ordinance shall be introduced in the form prescribed for ordinances generally, except that it shall be plainly designated as an emergency ordinance and shall contain, after the enacting clause, a declaration stating that an emergency exists and describing it in clear and specific terms. An emergency ordinance may be adopted, with or without amendment, or rejected at the meeting at which it is introduced and shall become effective with or without the approval of the Mayor, but the affirmative vote of at least seven Council members shall be required for adoption. It shall become effective upon adoption or at such later time as it may specify. Every emergency ordinance shall automatically stand repealed as of the 61st day following the date on which it was adopted, but this shall not prevent the reenactment of the ordinance in the manner specified in this section if the emergency still exists. An emergency ordinance may also be repealed by adoption of a repealing ordinance in the same manner specified in this section for adoption of emergency ordinances.