Copyrighted by MIDLAND CHARTER & Municipal Code Corporation, 1998.

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Sec. 11.5. Adoption of budget, tax limit.

Not later than the fourth Monday in May, the Council shall, by resolution, adopt the budget for the next fiscal year and shall, in such resolution, provide for a levy of the amount necessary to be raised by taxes upon real and personal property for municipal purposes, which levy shall not exceed one and eight-tenths (1.8) per cent of the assessed valuation of all real and personal property subject to taxation in the city.

State law reference(s)--Charter to provide for taxation of real and personal property not to exceed 2% of value, M.S.A., § 5.2073(g).

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