(A) Establishment. A special fund is established to be known as the Cumulative Capital Development Fund, into which the state cigarette taxes allotted to the city shall be deposited. The fund shall be a cumulative fund and all of the monies deposited into it shall be appropriated and used solely for capital improvements as hereinafter defined, and none of the monies shall revert to the general fund or be used for any purposes other than capital improvements.
(B) Definition. The term CAPITAL IMPROVEMENTS means the construction or improvement of any property owned by the city, including but not limited to streets, thoroughfares and sewers, and the retirement of general obligation bonds of the city, issued, and proceeds used for the purposes of constructing capital improvements. The term CAPITAL IMPROVEMENT shall not include salaries of any public officials or employees, except those which are directly chargeable to a capital improvement.
(`84 Code, § 2-50)
(C) Levy rate. The maximum rate of shall not exceed $0.0500 per $100 assessed valuation for 2010 and thereafter.
(D) Use of funds.
(1) The funds accumulated in the Cumulative Capital Development Fund will be used for all purposes authorized and described in I.C. 36-8-14, 36-9-16-2, 36-9-16-3, 36-9-16.5, 36-9-17, 36-9-26, 36-10-3-21 and 36-10-4-36.
(2) Notwithstanding subdivision (D)(1) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated 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 Mayor issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
(Ord. 129, passed 8-9-98; Am. Ord. 338, passed 6-8-87; Am. Ord. 374, passed 5-14-90; Am. Ord. 408, passed 6-14-93)