(A) The city approves the establishment of the City of Aurora Park and Recreation Cumulative Building Fund, hereinafter referred to herein as the Fund for the purposes of building, remodeling, and repair of park and recreation facilities.
(B) To provide for such Fund, the city shall levy a tax not to exceed $0.05 on each $100 of assessed valuation of taxable property within the city which shall be levied annually beginning with the first tax levy after approval by the State Board of Tax Commissioners and shall continue for a period not to exceed ten years.
(C) The establishment of this Fund is subject to a public hearing being held by the city Park and Recreation Board and approval by the State Board of Tax Commissioners. The decision of the State Board of Tax Commissioners with respect to the proposed tax levy is final and conclusive.
(D) The tax shall be collected and held in a special fund which shall be known as the City of Aurora Park and Recreation Cumulative Building Fund. This Fund shall not be expended for a purpose other than the purposes for which it was levied.
(E) Expenditures may be made from the Fund only after an appropriation has been made in the manner provided by statute for making other appropriations.
(Ord. 1995-9, passed 7-10-95; Am. Ord. 1996-1, passed 2-5-96)