Pursuant to the provisions of the act, there is hereby established and created a self- supported municipal improvement district operation fund with respect to the district to be known as the "Iowa City downtown self-supported municipal improvement district operation fund" (herein the "operation fund"), for which the city may certify taxes (the "operation tax") against the property, as defined in the act, within the district (the "property") each year, in addition to all other taxes, commencing with the levy of taxes for collection in the fiscal year beginning July 1, 2016, for the purposes of paying the administrative and operational expenses of the district, as defined and authorized in the act or paying part or all of the maintenance expenses of "improvements" or "self-liquidating improvements", as defined in the act, for a period of ten (10) years. Property assessed as residential property for property tax purposes is exempt from the tax levied under this chapter except property classified as residential property under Iowa code section 441.21, subsection 14, paragraph a, subparagraph (6). (Ord. 15-4649, 12-15-2015; amd. Ord. 22-4875, 2-1-2022)