A.
The municipality contracts for fire protection and rescue service. The Council, for the purpose of defraying the cost of the management and maintenance of fire protection and rescue service, may each year levy a tax not exceeding the maximum limits prescribed by state law on the actual valuation of all real estate and personal property within the municipality that is subject to taxation.
B.
The revenue from said tax shall be known as the "Fire Protection and Rescue Service Fund."
C.
The fund shall be at all times in the possession of the City Treasurer.