Not later than the second Monday in May, the Commission 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 year of the City 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) percent of the assessed valuation of all real and personal property subject to taxation in the City. The levy so provided shall be known and referred to as the Charter tax rate of the City of Imlay City and shall be subject to all provisions of State law and the Michigan Constitution pertaining thereto.
(Amended 5-8-07)