(A) There shall be and there is levied, and there shall be assessed and collected for each fiscal year on all taxable property located and situated within the corporate limits of the city, an ad valorem tax of an amount to be set by Council from time to time, on each $100 valuation of all the taxable property of defraying the current expenses of the city.
(B) There shall be and there is levied, and there shall be assessed and collected for each fiscal year on all taxable property located and situated within the corporate limits of the city, an ad valorem debt tax rate of an amount to be set by Council from time to time on each $100 valuation of all the taxable property of defraying the current expenses of the city.
(Ord. 15-06, passed 9-11-2006; Am. Ord. 10-07, passed 9-10-2007; Am. Ord. 9-08, passed 9-8-2008; Am. Ord. 11-09, passed 9-14-2009; Am. Ord. 8-11, passed 9-12-2011)