SECTION VII-12.  LIMITATION OF THE RATE OF TAXATION.
   The aggregate amount of taxes that may be levied by the taxing authority of the Municipality without a vote of the people, on any taxable property assessed and listed for taxation according to value, for all the purposes of the Municipality, shall not in any one year (1 yr.) exceed ten (10) mills for each one dollar ($1.00) of assessed valuation. Of said total maximum levy, an amount shall annually be levied sufficient to pay the interest and retirement charges on all notes and bonds of the Municipality heretofore or hereafter 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. Of the remaining portion of said total maximum levy, an amount shall annually be levied sufficient to provide the amounts required by law for police pension and the firemen's indemnity fund; and the balance thereof may annually be levied for the purpose of paying the current operating expenses of the Municipality.
(5-2-61; 11-2-82)