There is established a special fund for capital outlays, to be created by the levy and collection of taxes and assessments which the city council may levy, and which taxes and assessments shall be levied and collected in the same manner and at the same time as other taxes. In making such levy, the city council shall not exceed the limitation to impose taxes prescribed by the general laws of the state of California without the assent of two-thirds of the qualified electors of the city.
(1941 Code § 950, Ord. 405, (1944))