Annually before September 1 the council shall fix the rate of taxes, or rates of taxes if different portions or districts require different rates, designated in the number of cents upon one hundred dollars ($100.00) using as a basis the value of the property as assessed and equalized. The rates shall be sufficient to raise the amount fixed by ordinance and the expense of collection. The council shall immediately transmit to the county auditor a statement of the rates fixed. (Ord. 817, 10-16-1958)