The Council shall annually levy a tax for current operating expenses on the property assessed and listed for taxation in the City for the purposes of the City of Portsmouth, its boards, departments and institutions. The rate of such tax shall not exceed 8.55 mills on the dollar of assessed valuation.
In the year 1953, upon the making of any such levy by the Council, and prior to the time when the first tax collection from such levy can be made, the Council may anticipate a fraction of the proceeds of such levy and issue anticipation notes in an amount not to exceed $200,000.00.
In case such anticipation notes are issued, they shall mature one-half in not more than one year, and one-half in not more than two years from the date thereof, and they shall be sold as provided in the Uniform Bond Act. Such notes may be issued subject to call and redemption prior to maturity, at not more than par and accrued interest.
If such notes are issued the amount necessary to pay the interest and principal thereof shall be deemed appropriated for such purpose from such levy, and appropriations from such levy by the Council shall be limited for the years 1954 and 1955 to the balance available in excess of the amount required to pay the principal and interest on the note or notes falling due in each of said years.
Provided, however, that after the year 1953, Council shall have no authority to issue anticipation notes against such levy, except such authority as is given by the laws of Ohio to borrow during any current year in anticipation of the semi-annual tax settlement by the County Auditor for that year.
So long as this section and these powers are in effect, the levying by Council of a tax on incomes or on payrolls is hereby expressly prohibited.
(Adopted 5-5-53.)