The legislative body of any municipal corporation is authorized and empowered to fix a date and to establish procedures for the submission of any local law, enacted pursuant to the provisions of § 5 of Article XI-E of the Constitution of Maryland, placing a maximum limit on the rate at which property taxes may be imposed or regulating the maximum amount of debt which may be incurred by such municipal corporation, at any regular or special municipal election, to the voters of such municipal corporation for their approval; and to do whatever shall be necessary and proper in order to give effect to the requirement of § 5 of Article XI-E of the Constitution of Maryland, that no such local law shall become effective in regard to a municipal corporation until and unless it shall have been approved at a regular or special municipal election by a majority of the voters of that municipal corporation voting on the question. The provisions of this section shall apply to any such local law enacted after the effective date of said Article XI-E.