The Council shall hold a meeting or meetings between the seventh and twenty-eighth day of March each year to ascertain the fiscal condition of the City of Mannington and make up an itemized statement setting forth:
First. The amount due and the amount that will become due and collectible from every source during the current fiscal year, except from the levy of taxes to be made for the year;
Second. The interest, sinking fund and amortization requirements for the fiscal year of bonded indebtedness legally incurred upon a vote of the people as provided by law prior to the adoption of Tax Limitation Amendment;
Third. Other contractable indebtedness, not bonded, legally incurred, prior to the adoption of the Tax Limitation Amendment, owing by the Municipality;
Fourth. All other expenditures to be paid out of the receipts of the Municipality for the current fiscal year, with proper allowance for delinquent taxes, exonerations, and contingencies;
Fifth. The total amount necessary to be raised by the levy of taxes for the current fiscal year;
Sixth. The proposed rate of levy in cents on each one hundred dollars assessed valuation of each class of property; and,
Seventh. The separate and aggregate assessed valuations of real, personal and public utility property and each class in the Municipality.
The City Clerk shall forward immediately a certified copy of the statement to the State Tax Commissioner, and shall publish the statement forthwith. The said financial session shall then stand adjourned until the third Tuesday in April, at which time it shall reconvene.
The Council shall reconvene on the third Tuesday in April and at that time shall hear and consider any objections made orally or in writing by the City Solicitor, by the State Tax Commissioner or his representative, or by any taxpayer of the City, to the estimate and proposed levy or to any item thereof. The Council shall enter of record any objections so made and the reason and grounds therefor.
The Council, after hearing objections, shall reconsider the proposed original estimate and the proposed rates of levy, and, if the objections are well taken, shall correct the estimate and levy. No such estimate and levy, however shall be entered until the same shall have been approved in writing by the State Tax Commissioner. When the same shall have been approved by the State Tax Commissioner, the Clerk shall then enter the estimate and levy, together with the order of the Council approving them and a written approval of the State Tax Commissioner of the above, in the proper record book. The Council shall then levy as many cents per hundred dollars assessed valuation on each class of property in the Municipality, as will produce the amounts, according to the last assessment, shown to be necessary by the statement in the following order:
First, for the bonded debt and for the contractable debt not bonded, if any, of the Municipality incurred prior to the adoption of the Tax Limitation Amendment; and,
Second, for general current expenses.
The rates of levy shall be governed by the West Virginia Code, as amended.