(a) The legislative body of a municipality may set a date and establish procedures for submitting to the qualified voters of the municipality at a regular or special municipal election a local law, enacted under Article XI-E, § 5 of the Maryland Constitution, that sets a maximum property tax rate or a maximum amount of debt that may be incurred by the municipality.

(b) The legislative body of a municipality may take necessary action to ensure that a local law setting a maximum property tax rate or a maximum amount of debt that may be incurred by the municipality does not take effect without approval by a majority of those who voted on the question at a regular or special municipal election.