A. The aggregate amount of taxes that may be levied by the taxing authority of the City of Oberlin without a vote of the people, on any taxable property assessed and listed for taxation according to value, shall not in any one year exceed the amount currently authorized by the Ohio Constitution to be so levied, plus an additional 2.60 mills for each dollar of assessed valuation. The additional 2.60 mills as specified above shall be exclusively used for the following purposes:
1. Within the maximum levy provided for in Section A. herein, the Council may levy an amount not to exceed 1.80 mills for the purpose of providing funds for the payment of Police Pension Fund requirements.
2. Within the maximum levy provided for in Section A. herein, the Council may levy an amount not to exceed 0.80 mills for the purpose of providing funds for the payment of Fire Pension Fund requirements.
B. The limitation upon power of Council to levy taxes as specified herein shall not operate as a limitation upon the power of Council to levy taxes upon such other subjects and for such other purposes as may be lawful under the Constitution and laws of this State.
(Added November 2, 2010.)