For the purpose of creating, establishing and maintaining such Fund the Mayor and Council shall by general ordinance appropriate or levy a tax of not to exceed one mill in any one year upon all taxable property within the Municipality; provided, that such sum so levied or appropriated in any one year shall not be more than sufficient to pay the outstanding warrants on the Fund and to establish therein a balance which combined levy and appropriation in any one year shall not exceed five percent (5%) of the outstanding obligations thereby guaranteed; provided further, that no tax shall be levied when the amount of money in the Local Improvement Guarantee Fund equals ten percent (10%) of the total outstanding obligations thereby guaranteed. (prior code §1-22-3)