(a) The maximum property tax levy rates for each property class per one hundred dollars ($100.00) valuation that can be assessed without requiring a vote from the electorate are:
Class I | Class II | Class IV |
12.5¢ | 25¢ | 50¢ |
(b) This Municipality may impose an excess levy lasting up to three years for a special or general purpose if such a levy is approved by at least sixty percent (60%) of the votes cast in the special levy election. The maximum rates for each one hundred dollars ($100.00) of assessed value are:
Class I | Class II | Class IV |
6.25¢ | 12.5¢ | 25¢ |
(1978 Code Sec. 8-42)