Not later than the first regularly scheduled meeting in June of each year, the Council shall by resolution adopt the budget for the next fiscal year and shall provide by resolution for a levy of the amount necessary to be raised by taxation for Municipal purposes, which shall not exceed 1.485 percent of the taxable valuation of all real and personal property in the City subject to taxation. Included in the maximum levy for Municipal purposes of 1.485 percent of the taxable valuation is .15 percent designated specifically for police protection within the City and .135 percent designated specifically for purposes of paying the costs of acquiring and constructing additions, extensions and improvements to the City's Water Supply and Sewage Disposal System; which .135 percent shall only be levied beginning with the fiscal year beginning July 1, 2007 and ending with the fiscal year beginning July 1, 2026.
(Amended 11-4-03; 5-8-07)