§ 7-8. Supplemental Tax.

(a) Board of Estimates to determine assessable base.

(1) The Board of Estimates shall obtain from the Director of Finance the "assessable base" of the District, which shall constitute a listing by property and a calculation of the sum of assessments on properties subject to the Supplemental Tax.

(2) Properties subject to the tax shall include all properties within the District except properties exempt under City Charter Article II, § (63) or any other applicable law.

(3) The Board of Estimates shall determine with finality the assessable base upon which the Supplemental Tax will be based.

(b) Assessment; collection; enforcement.

(1) Funding for Authority operations shall be provided by a supplemental property tax (the "Supplemental Tax") on the assessable base of the District as determined under subsection (a) of this section.

(2) The Supplemental Tax shall be assessed and collected in conjunction with the property taxes assessed and collected by the City (the "Regular Tax"), unless otherwise established by the Board of Estimates.

(3) Enforcement of the Supplemental Tax shall be in accordance with the enforcement of the Regular Tax, and all provisions applicable to the assessments, refunds, credits, collections, and enforcement which apply to the Regular Tax shall apply to the Supplemental Tax unless modified herein.

(4) Enforcement of the Supplemental Tax as provided under paragraph (3) is modified for properties receiving the Homestead Tax Credit and the Targeted Homeowners Tax Credit as follows:

(c) Determination of tax.

The Supplemental Tax rate shall be determined as follows:

(1) any increase in the rate of the Supplemental Tax must be approved by a majority of the voting Board members;

(2) for the first budget year, the rate of the Supplemental Tax shall be set to raise revenues equal to the costs of the Financial Plan but shall not exceed a full year rate of 30¢ per $100 of assessed value;

(3) for the first full budget year, the rate of the Supplemental Tax shall be set to raise revenues equal to the costs of the Financial Plan but shall not exceed 30¢ per $100 of assessed value, except that the rate may be adjusted to produce revenue equivalent to the full year 30¢ yield of the first budget year; and

(4) for any year after the first full budget year, the rate of the Supplemental Tax may be adjusted to yield revenues which are no more than 10% greater than in the prior year unless the increase is approved by 80% or more of the voting Board members.

(d) Exemption for public service companies.

Exempt from the provisions of this subtitle relating to a supplemental annual property tax are the poles, conduits, tunnels, pipe lines, manholes, and other similar surface or subsurface structures, including their equipment, owned and controlled by a public service corporation, located on, over, or under streets, alleys, or other public ways or lands, the construction of which is authorized by the City, and the installation of which is regulated and supervised by the Department of Transportation.