(A) There is established the Bainbridge 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 Bainbridge Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed $.15 per $100.00 assessed valuation.
(D) The funds accumulated in the Bainbridge Cumulative Capital Development Fund will be used for Parks and Recreation as provided for in I.C. 36-10-3-21.
(E) Notwithstanding division (A) above, funds accumulated in the Bainbridge Cumulative Capital Development 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 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 the Fund.
(1996 Code, § 2-191) (Ord. 1992-4, §§ 1-7, passed 8-17-1992)
Statutory reference:
Authorizing the establishment of such a fund, see I.C. 36-9-15.5