(A) There shall be annually levied a tax on each $100 valuation of taxable property, real, personal or mixed, situated within the incorporated city limits for the purposes of:
(1) Current expenses of the city;
(2) Construction of or purchase of public buildings, water works, sewers, other permanent improvements, streets; and
(3) To provide for the retirement of authorized bonded or warrant indebtedness.
(B) The tax rate shall remain in full force and effect and shall be collected annually until altered, changed or amended by statute of the state or by ordinance of the City Council.
(C) It is hereby found and determined that the tax rate so established will not create a surplus of funds beyond the need of the city for the purposes enumerated.
(D) A sufficient amount of the funds will be applied to the tax indebtedness of the city and the remainder will be applied to the General Fund of the city.
(Am. Ord. 106-03, passed 9-16-03)