In order to maintain the fund and to effectuate the purposes of this chapter, there
shall be levied each year by the City Council in its annual tax levy, a tax upon all
of the property in the City subject to taxation sufficient to meet the financial requirements
thereof; provided that the sums so levied in any year shall not be more than sufficient
to pay the outstanding warrants on the fund and to establish therein a balance which
combined levy in any one (1) year shall not exceed five (5) percent of the outstanding
obligations thereby guaranteed. The tax levies authorized and directed shall be additional
to, and, if need be, in excess of, any and all statutory and Charter limitations applicable
to the tax levies of the City. There shall be paid into the fund the interest received
from bank deposits of the fund, as well as any surplus remaining in any local improvement
fund guaranteed under this chapter, lawfully applicable thereto, and payments of principal
and interest applicable for assessments, or installments thereof, the collection of
which has been deferred pursuant to Chapter 137, Laws of 1972, First Extraordinary Session as now existing or hereafter amended.
