Emergency ordinances for the preservation of public property, health, welfare, peace or safety, shall require five (5) affirmative votes. The facts showing such urgency and need shall be specifically stated in the measure itself. No ordinance making a grant of any special privilege, levying taxes, or fixing rates charged by any town-owned utility shall be passed as an emergency measure. An ordinance authorizing a municipal borrowing in accordance with article XI of this charter which merely provides for the levying of a tax or which makes covenants with respect to the levy or imposition of a tax to secure the repayment of such a borrowing shall not be deemed an ordinance levying taxes within the meaning of the preceding sentence. An emergency ordinance shall require a passage at one (1) meeting of the council. However, neither a public hearing nor a first publication as provided in section 5.10 shall be required. An emergency ordinance shall take effect upon final adoption. One publication shall be required within ten (10) days after adoption, or as soon thereafter as possible.