A. The City is authorized to levy property taxes at the rate of one percent (1% or 10 mills) of assessed value of all real and personal property in the City. The subjects of taxation for municipal purposes shall be in accordance with state law.
1. During the period of July 1, 1992 to June 30, 1996, the City is authorized to levy taxes at the rate of two-tenths of one percent (.2 of 1% or 2 mills) of assessed value of all real and personal property in the City, with all revenue received as a result of this provision being used solely for the purpose of a City-wide neighborhood police patrol program.
B. Out of the total number of mills which may be levied in taxes annually for municipal purposes on each dollar of assessed valuation, there are hereby reserved two and one half (2-1/2) mills for the purposes hereafter stated:
1. First, to pay promptly when due the principal of and interest on all bonds which are a general obligation of the City.
2. Then, if any year the entire amount reserved shall not be required for the foregoing purpose, any surplus may be used to:
a) Make capital improvements; or
b) Pay the City’s general obligation liability on special assessment bonds, if any; or
c) Retire general obligation bonds in advance of their maturities.
C. The provisions of this section shall not prevent the levy and collection of the full amount of taxes required by statute for the payment of debt.
D. The City Council shall, by ordinance, provide procedures for the certification, levy and collection of all ad valorem taxes and the preparation and delivery of a City Tax Roll.
(Adopted by the electorate, 11-5-1974; Amendment, adopted 8-10-1982; Amendment, adopted 6-10-1985; Amendment, adopted 8-4-1992; Amendment adopted, 8-6-1996; Amendment adopted, 8-17-2001; Amendment adopted, 8-2-2005; Amendment adopted, 2-28-2006; Amendment adopted, 11-7-2006; Amendment adopted, 11-3-2009)