On the day set for making tax levies, and not later than the third Monday in August, the mayor and council shall meet and adopt an ordinance levying upon assessed valuation of property within the city, subject to the provisions of this Charter, a rate of taxation upon each one hundred dollars ($100.00) of the assessed value of all real and personal property within the city for municipal expenses, sufficient to raise the amounts estimated to be required in the annual budget, less the amount estimated to be received from fines, licenses and other sources of revenue.
(Ord. No. 1142, eff. 6-23-48)