SECTION 11.01  TAX LIMITATION.
   The taxes which may be annually levied without a vote of the people for all the purposes of the Municipality of Highland Heights upon the tax list and duplicate of property assessed and listed for taxation according to value for the tax year 1967 and each year thereafter shall not exceed the maximum of the following:
   a.    5.0 mills per dollar of assessed valuation for the purpose of paying current operating expenses of the Municipality.
   b.    1.0 mill per dollar of assessed valuation for the purpose of paying costs of acquiring, constructing, improving, operating and maintaining recreational facilities of the Municipality but the authority granted in this subsection (b) shall not limit the right of the Municipality also to pay costs of acquiring, constructing, improving, operating and maintaining such recreational facilities from the levy authorized by subsection (a) hereof.
   c.    Such millage as may be required by law to pay the costs of accrued liabilities on police and fire pensions but not to exceed in any year .6 mills per dollar of assessed valuation.
   d.    Such millage as may be necessary to pay principal of and interest on all notes and bonds of the Municipality heretofore or hereafter issued without a vote of the people but not to exceed in any year 12.0 mills per dollar of assessed valuation; provided however that the 5.0 mills authorized by subsection (a) hereof shall be reduced in each year by the number of mills, including fractional parts thereof, which are levied in the respective year for the purpose of paying principal of and interest on bonds and notes issued without a vote of the people, except that no such reduction shall be made to the extent that principal of and interest on notes and bonds for recreational facilities are paid from the one mill levy authorized by subsection (b) hereof which is hereby authorized to be used therefor.