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8.C. - Page 40 Section 55. ANNUAL TAX LEVY: The Council must finally adopt, not later than its first regular meeting in September, an ordinance levying upon the assessed valuation of all property in the eCity, a rate of taxation sufficient to raise the amounts estimated to be required in the annual budgets and as herein provided, less the amounts estimated to be received from fines, licenses, and other sources of revenue. The Council shall then deliver the assessment roll to the aAuditor, who shall thereupon compute and carry out the amount of the tax so levied on each parcel of property contained in the assessment roll. The corrected list for each tax shall be the assessment roll of said tax for said year, and it shall be certified by the aAuditor as being the assessment roll of said tax. Section 56. LIMIT OF TAX LEVY: The tax levy authorized by the Council to meet the municipal expenses for each fiscal year shall not exceed the rate of two dollars on each one hundred dollars of the assessed valuation of the real and personal property within the eCity, except as in this Charter otherwise provided, when the assessed valuation is that as fixed and established by the County of San Mateo; provided, however, that if the assessed valuation is that as established by the City of Redwood City the tax levy authorized by the Council to meet the municipal expenses for each fiscal year shall not exceed the rate of one dollar on each one hundred dollars of such assessed valuation. The moneys collected from such levy shall be placed in the general funds of the eCity, and may be apportioned as determined by the Council. The foregoing limitation shall not apply in the event of any major catastrophe, in which case it may be temporarily suspended; provided, that no increase over said limit, except as herein prescribed shall be made in any fiscal year, unless authorized by ordinance adopted by the vote of the electors of the eCity. (As amended November 6, 1962, ratified by Legislature January 14, 1963.) Section 57. SPECIAL TAX LEVY: The Council shall have the power to levy and collect taxes in addition to the taxes herein or by general law authorized to be levied and collected in an amount sufficient to pay the bonded indebtedness of said eCity and also in an amount sufficient to pay any delinquency for bonds issued under the Improvement Board Act of 1915 of the State of California and for the additional following purposes and not to exceed the following rates, to -wit: (a) For the acquisition and construction of permanent improvements, real property, public buildings and structures and public offices, including equipping and furnishing of the same, at the rate of not more than five cents on each $loo of assessed valuation during any one fiscal year, provided, however, that said amount of five cents may be increased by a vote of the electors of said eCity. Page 33 of 45 ATTY/CHARTER AMENDMENTS/2017/2017 DRAFT CHARTER AMENDMENTS REV: 11-29-17 JS