The aggregate amount of taxes that may be levied by the Council of the municipality without a vote of the people, on property assessed and listed for taxation according to value, for all purposes of the municipality, shall not, in any one year, exceed ten (10) mills per dollar of assessed valuation. Of said total maximum levy of ten (10) mills, an amount shall annually be levied sufficient to pay the interest, sinking fund and retirement charges on all notes and bonds of the municipality heretofore or hereafter authorized to be issued without the authority of the electors and, except as otherwise required by this Charter, such levy shall be placed before and in preference to all other levies and for the full amount thereof.
The limitation of this Charter upon the power of Council to levy taxes shall not operate as a limitation upon the power of Council to levy taxes upon such other subjects and for such other purposes as may be lawful under the Constitution of Ohio or this Charter.
The existing police protection levy, if this Charter is approved by the electors of the municipality, shall not be levied by the Council and shall be null and void.