7.__Election.__A municipality may elect to raise its property tax levy limit upon the affirmative vote of a majority of the voters voting by municipal election held at any regular or special election.__Notwithstanding any law to the contrary, such an election may be called only upon the affirmative vote of a majority of the municipal officers and must be governed according to state law and any applicable municipal charter.__The warrant for the election must set forth the question in the following form:__"Do you favor raising the levy limit of [name of municipality] for the purpose of [insert purpose]?"__For the purposes of this section, "municipal election" means a secret ballot referendum unless otherwise provided by charter, for those municipalities with a charter that governs municipal election procedures, or by ordinance for all other municipalities.__ Notwithstanding any other provisions of law, a charter amendment proposed to the voters of a municipality as a result of this section is controlled by section 2104, and a municipal ordinance proposed to the voters of a municipality as a result of this section must be approved by a referendum voting procedure pursuant to section 2528.

8.__Treatment of surplus; reserves.__Any property tax revenues collected by a municipality in any fiscal year in excess of its property tax levy limit, as determined by a final audited accounting, must be transferred to a property tax relief fund, which each municipality shall establish, and used to reduce property tax levies in subsequent fiscal years.__To the extent the transfers required by this section cannot be accomplished under the financial management authority vested in the municipal officers, the transfers must be authorized by an action of the legislative body.__Nothing in this subsection is intended to limit the ability of a municipality to maintain adequate reserves pursuant to section 5801, provided that annual allocations or appropriations of funds to reserves are treated as appropriations subject to the appropriation limits set forth in subsection 1.

9.__Fractional divisions.__A municipality may, consistent with Title 36, section 710, exceed its property tax levy limit in a reasonable amount necessary to avoid fractional divisions.