The Council shall impose by ordinance an annual tax at a rate in its discretion as will yield an amount necessary for the general purposes of the town, not exceeding the limit permitted by law, exclusive of any tax levied with respect to any outstanding bond issues. The tax shall be levied by the Council on the property within the corporate limits of the town as assessed for taxation for county and state purposes as heretofore provided in this chapter.
(1995 Code, § 1-5002)