Section 1516. Fixing of tax rates

a.  The council shall fix the annual
  tax rates immediately upon  the  approval  of  the  budget  pursuant  to
  section  two  hundred  fifty-four.    The council shall deduct the total
  amount of receipts as estimated by the mayor  from  the  amount  of  the
  budget, for the ensuing fiscal year, and shall cause to be raised by tax
  on real property such sum as shall be as nearly as possible but not less
  than,  the  balance  so  arrived  at,  by  fixing tax rates in cents and
  thousandths of a cent upon each dollar of assessed valuation.   The  tax
  rates  shall  be  such  to  produce  a  balanced budget within generally
  accepted accounting principles for municipalities.
    b.  If a single budget has not been adopted by the fifth day  of  June
  pursuant  to  subdivision  b  of section two hundred fifty-four, the tax
  rates adopted for the current fiscal year shall be deemed to  have  been
  extended  for  the  new  fiscal  year until such time as a new budget is
  adopted.
    c.   In the event the mayor  exercises  the  veto  power  pursuant  to
  section two hundred fifty-five, the council shall, if necessary, fix new
  annual  rates  not later than the date the budget is finally adopted, in
  accordance with the requirements of subdivision a of this section.