(A) The City Council shall annually, on or before the second Tuesday in December in each fiscal year, ascertain the total amount of appropriations for all corporate purposes legally made and to be collected from the tax levy of that fiscal year. By an ordinance specifying in detail the purposes for which these appropriations are made and the sum or amount appropriated for each purpose, the Council shall levy the amount so ascertained upon all the property subject to taxation within the city as that property is assessed and equalized for state and county purposes for the current year.
(B) A certified copy of this ordinance shall be filed with the County Clerk, whose duty is shall be to ascertain the rate per cent which will produce the amount so levied.
(C) The aggregate amount of taxes levied for any one year, exclusive of the amount levied for the payment of bonded indebtedness or interest thereon, and exclusive of taxes authorized by acts which by their terms provide that such taxes shall be in addition to taxes for general purposes, shall not exceed the rate of .333% upon the aggregate valuation of all property within the city subject to taxation therein, as the property is equalized for state and county taxes for the current year.
(ILCS Ch. 65, Act 5 § 8-3-1) (‘69 Code, § 2-8)