Be it further enacted, That the council shall each year by ordinance prescribe and levy the tax rate, expressed as a fixed rate per one hundred dollars ($100) of assessed valuation, to be imposed on all property subject to taxation as of the assessment date of January 10, and if no such tax levy is made by ninety (90) days prior to the date on which property taxes are due and payable, the tax rate in effect for the preceding fiscal year automatically shall become the tax rate for the current fiscal year; provided, that when installment payments are authorized under section 5.12 of this Act, the tax rate in effect in the next preceding fiscal year automatically shall become the tax rate for the current fiscal year if a tax levy ordinance is not adopted by ninety (90) days prior to the due date of the second installment. The total assessment of public service companies when determined shall be reported immediately to the council, but the tax levy shall not be delayed pending such certification.