The aggregate amount of taxes which may be levied by the taxing authority of the City without a vote of the people, on any taxable property assessed and listed for taxation according to value, for all purposes of the City, except as otherwise provided herein, shall not in any one year exceed eight and seven-tenths (8.7) mills for each dollar of assessed valuation. Of said total maximum levy, an amount shall annually be levied sufficient to pay the interest, sinking fund and retirement charges on all notes and bonds of the City heretofore or hereafter authorized to be issued without the authority of the electors, which levy shall be placed before and in preference to all other levies and for the full amount thereof. Of the remaining portion of said total maximum levy, an amount shall annually be levied sufficient to provide the amounts required by law for police officer and firefighter pensions; and the balance thereof, but not to exceed eight and two-hundredths (8.02) mills, may be levied annually for the purpose of paying the current operating expenses of the City.
There shall be levied annually outside of the eight and seven-tenths (8.7) mill limitation hereinbefore provided, but subject to the ten (10) mill limitation imposed by the Constitution and laws of the State of Ohio, such tax as may be necessary to pay the interest, sinking fund and retirement charges on all notes and bonds of the City authorized to be issued after June 1, 1984, without the authority of the electors in anticipation of the levy and collection of special assessments for improvements contracted for subsequent to such date.
(Amended 5-8-84; 11-3-20.)