The Council shall annually, on or before the third Tuesday in September in each year, ascertain the total amount of appropriations for all corporate purposes legally made, and to be collected from the tax levy of that fiscal year; and by an ordinance specifying in detail the purposes for which such appropriations are made and the sum or amount appropriated for each purpose, respectively, levy the amount so ascertained upon all the property subject to taxation within the city, as the same is assessed and equalized for state and county purposes for the current year. A certified copy of such ordinance shall be filed with the County Clerk, whose duty it shall be to ascertain the rate per cent, which, upon the total valuation of all the property subject to taxation within the city, as the same is assessed and equalized for state and county purposes, will produce a net amount not less than the amount so directed to be levied; and it shall be the duty of the County Clerk to extend such tax in a separate column upon the books of the collector of the state and county taxes, within the city; provided, the aggregate amount of taxes levied for any 1 year, exclusive of the amount levied for the payment of bonded indebtedness or the interest thereon, shall not exceed the rate of 5% upon the aggregate valuation of all the property within the city subject to taxation, as the same was equalized for state and county taxes of the preceding year.
(1963 Code, § 1-16-6) (Ord. 291, passed 7-27-1931)