At the second regular meeting of the Council in May in each year, the Council shall pass an annual appropriation resolution which shall be based on the budget submitted by the City Manager, as approved or amended by the Council. The total amount of appropriation shall not exceed the revenues of the city as estimated by the Council, based upon a tax levy for all city purposes which shall not exceed one and one-half per cent (1.5%) of the assessed value of all real and personal property in the city, plus all miscellaneous revenues derived by the city in accordance with the provisions of state and federal law, this charter, and the ordinances of the city. The tax rate herein limited may be increased above such limitation for any tax year or specified number of years of the city where the authority to do so shall be given by a majority of the electors of the city voting at any regular biennial or special city election, held prior to the date of the second regular meeting of the Council in May preceding the commencement of such fiscal year, at which said proposition shall be submitted, but the increase in any case shall not be such as to cause such rate to exceed two per cent (2%) of the assessed value of the real and personal property in the city.