(A) A need now exists for the establishment of a Cumulative Capital Development fund for all uses set out in I.C. 36-9-15.5.
(B) The Council will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will not exceed:
(1) Five cents per $100 assessed valuation beginning with taxes payable in 2013; and
(2) Five cents per $100 assessed valuation beginning with taxes payable in 2014; and
(3) Five cents per $100 assessed valuation beginning with taxes payable in 2015, and thereafter, continuing until reduced or rescinded.
(C) Proofs of publication of the public hearing held on July 31, 2012 and certified copy of this section be submitted to the Department of Local Government Finance of the state as provided by law. Said Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 2012-05, passed 7-31-2012)