I'll take a shot.
The CD4040 is a binary counter that resets to all zeros out with Q1 being the 1 bit, Q2 being the 2 bit, Q3 being the 4 bit, etc.
The bottom NAND outputs a low when both inputs are high, and these inputs are the 4 and 8 bits.
The upper NAND gate outputs a low when its two inputs are high, and these bits are the 16 and 32 bits.
So starting at a reset, the first count that produces a low from both gates at the same time happens at count
32+16+8+4=60. This low state is slightly delayed by an RC filter and inverted to a high by the inverter. This rise from low to high clocks the second counter every 60th line cycle and also resets the counter back to zero before the 61st cycle occurs, so when it does, it is counted as 1 of the next 60.The duration of the second pulse is set by the time delay between when the reset pulse is sent to the counter and how long it takes for the disappearance of the 60 decode passing through the RC filter. That is roughly a millisecond.