SECTION 700.  PROPERTY TAXATION.
   The Council of the City of Eureka shall annually fix the rate of taxation to be levied, and levy the taxes upon all property, both real and personal, in the city, necessary to raise sufficient revenue to carry on the various departments of the Municipal Government for the current fiscal year; provided, that the rate of taxation so levied shall not exceed in any year One and 50/100 Dollar for each One Hundred Dollars upon the assessed value thereof, except for the payments of principal and interest of the bonded debt of the city, if any; and provided further, that in addition to said One and 50/100 Dollar rate, the Council may levy a tax of not more than Ten Cents for each One Hundred Dollars upon the assessed value thereof, to be used for recreational purposes only.