SECTION 14. LIMITATION ON THE RATE OF TAXATION.

   The aggregate amount of taxes that may be levied by the Council of the City without a vote of the people, on any taxable property assessed and listed for taxation according to value, for all purposes of the City, shall not in any one year exceed eleven (11) mills for each one dollar of assessed valuation. Of said total maximum levy, an amount shall annually be levied sufficient to pay the interest, sinking fund and retirement charges on all notes and bonds of the City 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 to provide the amounts required by law for police and firemens' pensions; and the balance thereof may be levied annually for the purpose of paying the current operating expenses of the City and any other expense which may lawfully be included within the general levy for the general fund of the City.