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(A) There is hereby re-established an Aurora 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 Fund.
(C) The maximum rate of levy under division (B) will not exceed $.15 per $100 assessed valuation.
(D) The Fund is to be established for the years 1994, 1995 and 1996.
(E) The funds accumulated in the Fund will be used for capital improvements as described in I.C. 36-8-14 or I.C. 8-22-3-25.
(F) Notwithstanding division (D), funds accumulated in the Fund may be spent for purposes other than the purposes stated in division (D), 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 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 that fund.
(G) This Fund takes effect upon approval of the State Board of Tax Commissioners.
(Ord. 93-1, passed 2-1-93)