SECTION 5.  LIMITATION ON RATE OF TAXATION FOR CURRENT EXPENSES.
   The rate of the tax for current expenses and for the purposes of any other expense, including police and fire pensions and for the acquisition of construction of permanent improvements, which may lawfully be included within the general levy for the general fund of the City levied upon the duplicates of property in the City of Middletown, listed and assessed for  taxation according to value, shall not exceed five and seventy-five hundredths (5.75) mills per dollar of assessed valuation. The proceeds of any levy in excess of four and seventy-five hundredths (4.75) mills per dollar of assessed valuation shall be credited to a separate fund and expended solely for the acquisition or construction of permanent improvements.
(Amended 11-6-1951)