(a) The City Council shall not exceed in expenditures, except by authority of the legal voters of the City, or to meet obligations imposed by law upon the City, the current revenues of the City during the current fiscal year. If the current revenues of the City shall have been expended before the end of the fiscal year and there remain discretionary expenditures to be met, the City Council shall call a special meeting of the legal voters of the City to consider the means of financing such expenditures.
(b) The City Council, without special direction of the voters of the City, shall not draw orders on the City Treasury in excess of the current revenues, except to meet obligations imposed by law. The City Treasurer, without special direction of the voters of the City, shall not honor orders drawn in excess of the current revenues, except to meet obligations imposed by law.