§ 16-3.01. Rates of ad valorem taxes levied; purposes.

(a)

For the current expenses of the city, and for the general improvements of the city and its property, there is hereby levied and ordered to be assessed and collected for the year 1996, on all property situated within the corporate limits of the city, and not exempt from taxation by valid law, an ad valorem tax at the rate of $0.3616 on the one hundred-dollar valuation of such property.

(b)

For the purpose of paying interest and providing a sinking fund for the payment of each issue of bonds issued for various municipal purposes, including the various installments of principal falling due during the ensuing year on bonds issued for such purposes, and for the purpose of paying interest, there is hereby levied and ordered to be assessed and collected for the year 1996 on all property situated within the corporate limits of the city, and not exempt from taxation by valid law, an ad valorem tax at the rate of $0.1470 on the one hundred-dollar valuation of such property.

(c)

The city council, by this section, hereby notifies the city tax assessor the tax rate adopted for the 1996 tax year is $0.5086 per one hundred-dollar valuation.

(d)

The fact that the time for the calculation and determination of taxes to be assessed and levied in the city is rapidly approaching and it is necessary for the immediate preservation of the public health, safety and welfare of the general public an emergency is thereby created and requires that this section shall take effect immediately from and after its passage.

(Ord. No. 2894, §§ 1, 2, 9-23-76; Ord. No. 3742, §§ 1, 2, 9-24-81; No. 5042, §§ 1—3, 9-25-86; Ord. No. 5496, §§ 1—3, 9-22-88; Ord. No. 5684, §§ 1—3, 9-21-89; Ord. No. 5861, § 1, 9-20-90; Ord. No. 6019, § 1, 9-26-91; Ord. No. 6173, §§ 1—3, 9-23-92; Ord. No. 6678, §§ 1—4, 9-21-95; Ord. No. 6865, §§ 1—4, 9-5-96)