The local improvement guarantee fund so levied or appropriated in any one year shall not be more than sufficient to pay the outstanding warrants on the fund, and the combined levy and appropriation in any one year shall not exceed five percent (5%) of the outstanding obligations thereby guaranteed; provided, further, that the city council shall not levy any tax as provided in this chapter when the amount of money in the local improvement guarantee fund equals ten percent (10%) of the total outstanding obligations thereby guaranteed. The tax levies authorized and directed in this chapter shall be in addition to and if need be, in excess of any and all statutory limitations. (Ord. 208 § 3, 1962)