The fiscal year of the City of Lexington shall
commence the first day of May in each and every year.
The City Council shall annually, on or before
the third Tuesday of September in each year, estimate the total amount
and appropriation for all corporate purposes legally made and to be
collected from the tax levy of this fiscal year, and by ordinance
specifying in detail the purposes for which such appropriations are
made and the sum or amount appropriated for each purpose, respectively,
levy them out as estimated, and equalized for state and county purposes
for the current year. A certified copy of such ordinance shall be
filed with the County Clerk, whose duty it shall be to ascertain the
rate percentum upon the total value of the property subject to taxation
in the City as the same was assessed and equalized for state and county
purposes, and produce a net amount not less than the amount directed
to be levied; and it shall be the duty of the County Clerk to estimate
such a tax in a separate column upon the book or books of the collector
or collectors of the state and county tax within such City; provided
the aggregate amount of tax levied for the payment of the bonded indebtedness
or the interest thereon shall not exceed the rate fixed by law upon
the aggregate valuation of all the property within the City subject
to taxation as the same was equalized for state and county taxes of
the preceding year.