In consideration of general benefits conferred on the Town at large from the construction or installation of improvements in improvement districts, the Council may levy annual taxes on all taxable property within the Town at a rate not exceeding two mills in any one year, to be disbursed as determined by the Council for the purpose of paying for such benefits, for the payment of any assessment levied against the Town itself in connection with bonds issued for improvement districts, or for the purpose of advancing monies to maintain current payments of interest and equal annual payments of the principal amount of bonds issued for any improvement district hereinafter created. The proceeds of such taxes shall be placed in a special fund and shall be disbursed only for the purposes specified herein, provided that in lieu of such tax levies, the Council may annually transfer to such special fund any available monies of the Town, but in no event shall the amount transferred in any one year exceed the amount which would result from a tax levied in such year as herein limited.