The Council may annually levy taxes on property assessed and listed for taxation, outside any limitation imposed by the Constitution of Ohio or by any act of the legislature, in a sum sufficient to pay all or any part of the principal of and interest on any bonds and notes constituting general obligations of the City which are not outstanding or hereafter lawfully issued, including the expenses incident to the management of the bond retirement fund, which levy shall be placed before and in preference to all other levies.