(A) There is hereby established a 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 funds accumulated in the Cumulative Capital Development Fund will be used for the purchase, construction, or renovation, and for any of the following purposes as described in I.C. 36-9-16-3, as now or hereafter amended:
(1) To acquire land or rights-of-way to be used for public ways or sidewalks;
(2) To construct and maintain public ways or sidewalks;
(3) To acquire land or rights-of-way for the construction of sanitary or storm sewers, or both;
(4) To construct and maintain sanitary or storm sewers, or both;
(5) To acquire, by purchase or lease, or to pay all or part of the purchase price of a utility;
(6) To purchase or lease land, buildings, or rights-of-way for the use of any utility that is acquired or operated by the unit;
(7) To purchase or acquire land, with or without buildings, for park or recreation purposes;
(8) To purchase, lease, or pay all or part of the purchase price of motor vehicles for the use of the Police Department, including ambulances;
(9) To retire, in whole or in part, any general obligation bonds of the unit that were issued for the purpose of acquiring or constructing improvements or properties that would qualify for the use of cumulative capital improvement funds;
(10) To purchase or lease equipment and other non-consumable personal property needed by the municipality for any public transportation use;
(11) In a county or consolidated city, to purchase or lease equipment to be used to illuminate a public way or sidewalk; and
(12) The Fund may be used for any of the following purposes:
(a) To purchase, lease, upgrade, maintain, or repair one or more of the following:
1. Computer hardware;
2. Computer software;
3. Wiring and computer networks; and
4. Communication access systems used to connect with the computer networks or electronic gateways.
(b) To pay for the services of full-time or part-time computer maintenance employees.
(D) Notwithstanding division (C) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) above, 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.
(2011 Code, § 31.15) (Ord. 1985-2, passed 7-2-1985)