If budgeted by the City Council, the Authority may levy a tax in an amount not to exceed the levy permitted by state law. All income, revenue, profits, and other funds received by the Authority shall be deposited with the City Treasurer as ex-officio treasurer of the Authority without commingling such money with any other money under his or her control and disbursed by him or her by check or draft only upon warrants, orders, or requisitions by the chairperson of the Authority or other person authorized by the Authority, which shall state distinctly the purpose for which the same are drawn. A permanent record shall be kept by the Authority of all warrants, orders, or requisitions so drawn, showing the date, amount, consideration, and to whom payable.