Not later than the first regular meeting in June, the Council shall, by resolution, adopt the budget for the next fiscal year and shall, in such resolution, make an appropriation of the money needed for municipal purposes during the ensuing fiscal year of the Village and provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes, which levy shall not exceed two (2) per cent (twenty 20 mills) of the assessed valuation of all real and personal property subject to taxation in the Village. The levy so provided shall be known and referred to as the charter tax rate of the Village of Holly and shall be subject to all provisions of state law and the Michigan Constitution pertaining thereto. (Election 11/6/90)