1-8-2: MILL LEVY FOR FUND ESTABLISHED, EXCEPTIONS:

There is hereby fixed and established a mill levy not to exceed one mill in any one year for the purpose of obtaining funds for the said guarantee fund by which to pay bonds or warrants together with interest thereon issued in payment of all costs and expenses incurred, assessed against and charged upon all lots and lands abutting, adjoining, contiguous and adjacent to any local improvements ordered by the board and included within a local improvement district created by the board, or in lieu of said mill levy, the board may, by ordinance, appropriate and transfer from the general fund such sums as determined by the board sufficient to guarantee to the extent of such fund the payment of all bonds or warrants together with interest thereon in payment of all costs and expenses incurred, assessed against, or charged upon all lands and lots abutting, adjoining, contiguous and adjacent to improvements ordered by the board and included within a local improvement district created by the board; provided, that such sums so levied or appropriated in any year shall not exceed five percent (5%) of the outstanding obligations thereby guaranteed; provided, further, that the board shall not appropriate or levy any tax when the amount of monies in the local improvement guarantee fund equals ten percent (10%) of the total outstanding obligations thereby guaranteed. (Ord. 117, 8-12-1981)