(A) Purpose. An all-purpose levy, in lieu of multiple levies, shall be the manner of budgeting and levying to operate and maintain the city government and the functions of the city. The all-purpose levy shall not include the levies imposed for bonded indebtedness, to pay judgments or special improvement district revolving funds of the municipality, which levies may be made in addition to the all-purpose levy.
(1992 Code, § 4-1-301)
(B) Maximum rate-use of fund.
(1) The maximum rate of such all-purpose levy upon the taxable value of all taxable property in the city for all city purposes shall not exceed 65 mills on the dollar, which levy shall not include any levy necessary to service and pay bonded indebtedness, judgments or special improvement revolving funds, in addition to such all-purpose levy. An amount not to exceed 5% of the moneys received from and as a part of the all-purpose levy aforesaid may be placed in a separate fund known as the “Capital Improvement Program Fund” to be earmarked for the replacement and acquisition of property, plant or equipment costing in excess of $5,000 with a life expectancy of five years or more; provided that, a capital improvement program has been formally adopted by city ordinance.
(2) The moneys held in the Capital Improvement Program Fund shall, whenever possible, be invested in savings or time deposits in a state or national bank insured by the Federal Deposit Insurance Corporation or in direct obligations of the United States Government and credited back to the fund, plus interest earned.
(1992 Code, § 4-1-302)
(C) Disposition. The City Council shall appropriate the levy to the several departments of the city in its annual budget.
(1992 Code, § 4-1-303)