In order to provide money for the local improvement guarantee fund and for the use and the purposes of such fund, the mayor and city council shall levy an annual tax of one mill per year, beginning with the tax due and collectible in the year 1958, on all of the taxable property in the city; provided, however, that the city may reduce the amount of levy if the city appropriates from other proper sources, as may be determined by the city, a sum approximately equal in amount to the sum which it is estimated will not be collected but would have been collected except for such reduction of the levy; and provided, further, that the total sum so levied or appropriated, or both, in any year, shall not be more than sufficient to pay the outstanding warrants on such fund and to establish therein a balance, which combined levy and appropriations in any one year shall not exceed five percent (5%) of the outstanding obligations thereby guaranteed; and provided, further, that the city shall not levy and tax as provided in this chapter when the amount of monies in the local improvement guarantee fund equals ten percent (10%) of the total outstanding obligations to be guaranteed. The tax levies authorized and directed in this chapter shall be additional to, and if need be, in excess of any and all statutory and charter limitations. (Prior code §12-3)