A. For the purpose of providing funds for such special improvement district revolving fund necessary to meet the financial requirements of such fund the town council of the city:

1. Shall, at the time of the annual levy of taxes for such city, levy and collect for such fund such tax upon all the taxable property in such city as shall be necessary for such fund to meet the financial requirements and obligations of such fund; and

2. May, from time to time, in addition to such levy and collection of taxes, by resolution, transfer to such special improvement district revolving fund from the general fund of such city, such other sum or sums as shall be necessary for such fund to meet the financial requirements and obligations of such fund, such transfers from he general fund to the special improvement district revolving fund to be deemed and considered to be, and shall be, loans to the special improvement district revolving fund.

B. The amount of such levy of taxes, together with the amount of such transfers from the general fund, shall not exceed in any one year five percent of the principal amount of the then outstanding special improvement district bonds or warrants of all special improvement districts of such city, but may, at the discretion of the city council, unless the city is otherwise obligated as provided in Section 3.04.050, be less than five percent of the principal of the the then outstanding special improvement district bonds or warrants. (Ord. 187 § 2, 1953)