(A) The Town Council declares that a need now exists for the reestablishment of a Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5.
(B) The Town Council will adhere to the provisions of I.C. Code 36-9-15.5. The proposed fund will not exceed $0.0500 on each $100 of assessed valuation. Said tax rate will be levied beginning with taxes for 2019 payable in 2020.
(C) Proofs of publication of the public hearing held on February 18, 2019, and a certified copy of this section shall be submitted to the Department of Local Government Finance of the State of Indiana as provided by law. This Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 02-18-2019, passed 2-18-19)