The Council shall, subject to applicable statutory provisions
and at the time provided by law, levy upon all property not exempt from
taxation, taxes for the coming fiscal year, as follows:
1. A tax to provide for the payment of the expenses of the City, subject
to constitutional limitations, aside from any special levy or levies authorized
for said year and aside from any levy for the payment of bonded indebtedness and
interest thereon. The proceeds from the tax levy so made shall be credited to
the General Fund.
2. Also a tax sufficient to meet the interest on the bonded
indebtedness of the City to be credited to the Bonded Indebtedness Interest
3. Also a tax of not less than four-tenths of one mill on each dollar
valuation not exempt from taxation to provide for the purchase of securities as
an investment and/or payment or redemption of the bonded indebtedness of the
City, to be credited to the sinking funds, or bond redemption funds. In all
cases a tax shall be levied sufficient to provide for principal repayments on
general obligations of the City.
4. Nothing herein contained authorizing general or special tax levies
shall affect the right or power of other commissions to levy a tax as provided
elsewhere in this Charter.
5. At the same time other levies of taxes are made and in addition to
tax levies authorized by the Charter or other authorizations by the voters, the
Council shall levy each year a special tax of three-tenths of a mill on each
dollar of the assessed valuation of the property in the City of Portland not
exempt from taxation, which shall be credited each year to the Fire and Police
Disability and Retirement Fund provided for by Section 5-101 of the Charter and
said special tax of three-tenths of a mill shall be in addition to all other
taxes which may be levied according to law.
6. Nothing herein contained shall affect the right, power or duty of
the Council to levy special taxes heretofore or hereafter authorized by the
voters, and special taxes authorized and found necessary shall be levied.
[Ch. 1903, sec. 114; am. June 5, 1905; am. May 3, 1913, sec. 88; rev. 1914,
sec. 190; am. July 1, 1926; 1928 pub., sec. 190; am. Nov. 6, 1928; am. Nov. 5,
1940; 1942 recod., sec. 7-110; rev. Nov. 6, 1962; am. May 18,