A. The city council must, not later than the first Tuesday in September of each year, pass an ordinance fixing the rate of city taxes to be levied upon each one hundred dollars of taxable property in the city, sufficient to raise the amounts estimated to be required in the annual budget, less the estimated amount to be received from fines, licenses and other sources of revenue, designating the number of cents levied for each fund on each one hundred dollars of taxable property.

B. The assessment book or roll shall then be delivered to the auditor, who shall compute and carry out the amount of the tax so levied upon each parcel of property contained in said assessment book or roll. The corrected list for each tax shall be the assessment book or roll of said tax for said year, and it shall be certified by the auditor as being the assessment book or roll of said tax. (Prior code § 6.04.430)