§ 37. Ad valorem rates.

Be it further enacted that for the purpose of raising revenues for the support and maintenance of said city and to pay the principal and interest on the bonded indebtedness of said city as the same becomes due and payable, the city council shall have full power and authority to levy, assess and collect, for the operation, maintenance, support and expenses of the government of said municipality and its various functions as well as the various departments, agencies, officers and employees thereof, an ad valorem tax on all property, real, personal and mixed, including money, notes stocks, bonds and other evidences of debt, money used in banking and every other species of property in said city, or owned or held therein, which may be lawfully taxed for said city. The millage levied shall be sufficient to provide a sinking fund for the purpose of paying the principal and interest on the bonded indebtedness of said city as required by law. The ad valorem tax above authorized for general purposes, and the bond interest and sinking fund tax shall be levied by separate ordinances, and each shall specify the purpose of which the tax is levied.

(1973 Ga. Laws, page 3642; Ord. No. 97-05, § 1, 9-8-97)