(A) There is hereby re-established a Cumulative Capital Development Fund pursuant to the provisions of I.C. 36-9-15.5.
(B) An ad valorem property tax will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(C)
The maximum rate levy under division (B) above will not exceed $0.05 per $100. Said tax rate will be levied beginning with taxes for 2019 payable in 2020.
(D) The funds accumulated in the Cumulative Capital Development Fund will be described in I.C. 36-9-27-100, for the improvement of storm drains; as described in I.C. 36-9-16.5 for the improvement of public ways; as described in I.C. 36-8-14 and I.C. 36-9-16-3 for the purpose of police and fire equipment; as described in I.C. 36-9-16-2 for the purpose of construction or rebuilding of municipal buildings; as described in I.C. 36-9-16-2, any ancillary use of said funds.
(E) Notwithstanding division (D) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) 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 Town Council President issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in said fund.
(F) This fund takes effect upon approval of the Department of Local Government Finance pursuant to the provisions of I.C. 36-9-15-5.
(Res. 2013-7, passed 7-24-2013; Ord. 2019-3, passed 2-20-2019)