A. Rate Of Levy; Approval: Subject to approval by the electorate, there is hereby authorized a tax levy of zero mills; provided, that a tax levy of not more than three (3) mills on the dollar of the assessed valuation of all taxable property in the district may hereinafter be levied if and when approved in a subsequent election. No special levy may be made without the approval of all registered voters residing within the city since adequate revenue for formation and maintenance of the district has been heretofore provided for in ordinance 249, which ordinance is hereby ratified and approved. (1991 Code § 11-27)
B. Increase In Levy:
1. In the event the mill levy set forth in any special election proclamation is less than three (3) mills, the board of trustees of the district may call a subsequent election to consider increasing the mill levy; provided, however, the total levy authorized by subsection A of this section shall not exceed three (3) mills.
2. The board of trustees of the district shall have jurisdiction over the sale and refunding of any bonds issued by the district and shall be responsible for the economical expenditure of the funds derived from the bonds. (1991 Code § 11-36)