Commencing with the levy on the 1958 tax duplicate for the fiscal year 1959, and each year thereafter, the aggregate amount of taxes that may be levied by the taxing authority of the City, without a vote of the people, on any taxable property assessed and listed for taxation according to value for all the purposes of the City shall not in any one (1) year exceed ten and five-tenths (10.5) mills for each dollar of assessed valuation. Of said total maximum levy, an amount shall annually be levied sufficient to pay the interest, sinking fund, and retirement charges on all bonds and notes of the City heretofore or hereafter authorized to be issued without the authority of the electors, which levy shall be placed before and in preference to all other levies and for the full amount thereof. Of the remaining portions of said total maximum levy, an amount shall be levied annually sufficient to provide the amounts required by law for police and firemen's pensions; and the balance thereof may be levied annually for the purpose of paying the current operating expenses of the City. In addition to the aforesaid ten and five-tenths (10.5) mill levy, the taxing authority of the City may, without a vote of the people, levy a tax for street lighting purposes not to exceed one (1) mill for each dollar of assessed valuation on any taxable property assessed and listed for taxation according to value.
(Adopted May 6, 1958)