(A) There is hereby re-established the Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed per assessed valuation a rate based on current state-approved amounts and/or as set by City Council from time to time.
(D) The Cumulative Capital Development Fund is re-established for the years 1993, 1994, and 1995, and shall continue until such Fund is terminated.
(E) The funds accumulated in the Cumulative Capital Development Fund will be used for capital improvements, firefighting equipment, and the Police-Radio Fund as described in I.C. 36-8-14.
(F) Notwithstanding division (E) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E) above 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 Mayor issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the fund.
(Prior Code, § 32.08) (Ord. 1296, passed 8-3-1992)
Statutory reference:
Related provisions, see I.C. 36-8-14