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141.1f <br />RECOM!'YT,ADATIOTi ji16 <br />1 <br />Amend Section 10.02, Power to Tax, so as to remove the requirement <br />that any taxes assessed above '70% of true <br />maximum rate go to debt service only; and replacing this with a <br />requirement that no more than 30% of the ma.ximwn tai: rate 1aa,y- go <br />to debt service. This will prevent the city from accurlulating; more <br />money than it needs in the stinking fund, and .rill prevent the city <br />goi_n,, excessively into debt. RecomMended wording follows: <br />SECTION 10.02. Power to Tax. <br />Z?Ttrike out everything from "but not ;core t'rian '(0 per cent of <br />such maxinuiii rate," to end of section <br />ZA.dd in lieu of the above, "but not more than 30 per cent; of <br />such max_.1num rate of each $100 of such assessed valuation may <br />be levied, assessed and collected for interest and sinking fund <br />requirements, to retire any city indebtedness autho=r zed by a <br />vote of the people.,/ <br />