8.04.290 Total amount of Borough tax that can be levied or imposed.
A. Except as provided in this section, the total amount of municipal tax that can be levied or imposed during a fiscal year shall not exceed the total amount approved by the Borough Assembly for the preceding year by more than a percentage determined by adding the percentage increase in the Consumer Price Index for Fairbanks (or the Federal Consumer Price Index for Anchorage if there is none available for Fairbanks) from the preceding fiscal year.
B. The limitations set forth in subsection (A) of this section do not apply to the following:
1. Tax on new construction or property improvements which occur during the current fiscal year;
2. Any appropriation made to pay or secure payment of principal and/or interest on bonds;
3. Taxes required to fund services authorized by voter-approved ballot issues;
4. Funding of new judgments entered against the Fairbanks North Star Borough;
5. Special appropriations necessary on an emergency basis to fund unavoidable expenses ensuring the public peace, health or safety.
C. The Borough Assembly shall use the formula and definitions for computation of the total amount of Borough tax that can be levied or imposed by applying the provisions of FNSBC 8.04.300 and shall, by May 31st of each fiscal year, publish its calculations showing these computations for each taxing jurisdiction. (Reenacted during 10/22 election; reenacted during 10/20 election; reenacted during 10/18 election; reenacted during 10/16 election; reenacted during 10/14 election; reenacted during 10/10 election; amended during 10/04 election; added by initiative petition passed 10/8/96. 2004 Code § 3.08.141.)