Section 17
SEC. 17. Tax limitations.&mdashThe City Council may levy an annual tax on real estate in the city not exempt from taxation at a rate not to exceed two per centum ad valorem: Provided, That the City Council may levy an additional tax annually on all taxable real estate in the city at a rate not to exceed one per centum ad valorem on the condition that all proceeds from said additional levy shall be credited to and paid into a special restricted fund, to be known as the Capital Improvement Fund, to be expended exclusively for the financing of capital projects as herein denned. For the purposes of this section, the words "capital project" shall be construed to mean any of the following: (a) Any physical public betterment or improvement and any engineering, architectural or other similar studies and surveys thereto; (b) the acquisition of property of a permanent nature, including sites for city buildings, roads, or other public facilities; and (c) the purchase of equipment for any public betterment or improvement when first erected or acquired. Expenditures from any capital improvement fund so established shall be made only as authorized by ordinances, duly adopted and approved, making appropriations therefor.