Annually, after adoption of the budget and before fixing the rate of taxes, the Council shall fix by ordinance or resolution the amount of revenue from property taxes necessary to carry on the functions and activities of the city and of its various departments and to pay the bonded or other indebtedness of the city or any portion or district of the city. After receiving from the County Auditor a written statement showing separately the total value of all property within the city and the total value of all property in each district or portion of the city in which a different rate of taxation is to be levied, but not later than the last Tuesday in August, the Council shall fix by ordinance or resolution the rate of taxes, or rates of taxes, if different portions or districts require different rates, designated in the number of cents upon each $100, using as a basis the value of the property assessed and equalized by the county. The rates shall be sufficient to raise the amount fixed by ordinance or resolution and the expense of collection. The Council shall immediately transmit to the County Auditor a statement of the rates fixed.
('63 Code, § 8-3.05) (Ord. 63-C.S., passed 12-2-65)