The Council, not later than the twelfth day of December of each year, or such other date as may be required by the law, shall fix the amount of tax levy which shall be assessed upon each dollar of assessed valuation of all taxable property within the corporate limits of the City. The Council shall cause the same to be certified to the County as required by law. If the Council fails to make such levy, the tax levy fixed in the current year shall be the rate levied for the next fiscal year. (Amended at election held Nov. 6, 1990)