(A) There is hereby established the Cumulative Capital Development Fund.
(B) A property tax levy will be imposed and the revenue from the levy will be retained in the Fund.
(C) The maximum rate of levy under division (B) of this section will not exceed $0.05 per $100 assessed valuation.
(D) The Fund is hereby established and re-established for the year beginning 2018.
(E) The funds accumulated in the Fund will be used for capital improvements as authorized in I.C. 36-9-15.5-2, 36-9-16-2, and 36-9-16-3.
(F) Notwithstanding division (E) of this section, funds accumulated in the Fund may be spent for purposes other than the purpose stated in division (E) of this section, if the purpose is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Town Council President issues a declaration that the public health, welfare or safety is in immediate danger and requires the expenditure of money in the Fund.
(Ord. 2004-05, passed 7-13-04; Am. Ord. 2006-10, passed 4-25-06; Am. Ord. 2017-09, passed 6-13-17)