Obetz shall have all power as a taxing authority and as a bond issuing authority that may now or hereafter lawfully be possessed or exercised by Obetz under the Constitution and laws of Ohio. The Council may levy in any year, in addition to the amount to which Obetz shall be entitled under the constitutional and statutory limitations and in addition to the amount necessary to be levied for the payment of principal of and interest on indebtedness heretofore or hereafter approved by a vote of the electorate, taxes at rates aggregating not more than five mills for each dollar of valuation on all taxable property in Obetz, which taxes shall be outside of the limitation now or hereafter provided by the Constitution and laws of Ohio, and may be levied for the current expenses of Obetz or for the payment of principal and interest on indebtedness of Obetz now or hereafter outstanding and issued without a vote of the electorate. The procedure for levying of all taxes upon real and personal property shall be in conformity to the general laws.