The aggregate amount of taxes that may be levied by the taxing authority of the City without the vote of the people on any taxable property assessed and listed for taxation according to value for all purposes of the City shall not in any one (1) year exceed nine and two-tenths (9.2) mills for each dollar of assessed valuation.
Within the maximum levy provided for in this Charter, Council shall annually levy an amount sufficient to pay the interest, sinking fund and retirement charges on all notes and bonds of the City heretofore or hereafter lawfully authorized to be issued without the authority of the electors, which levy shall be placed before and in preference to all other levies and for the full amount thereof.