(A) The Authority with the approval of the Village Council may levy an ad valorem tax on the real and tangible personal property not exempt by law and as finally equalized in the downtown district. The tax shall not be more than two mills. The tax shall be collected by the village. The village shall collect the tax at the same time and in the same manner as it collects its other ad valorem taxes. The tax shall be paid to the Treasurer of the Authority, if one has been appointed, and credited to the General Fund of the Authority for purposes of the Authority.
(B) The village may, at the request of the Authority, borrow money and issue its notes therefor in anticipation of collection of the ad valorem tax authorized in this section.
(Ord. 187, passed 7-14-2010)