(A) There shall be a Cumulative Capital Development Fund established for all uses set out in I.C. 36-9-15.5.
(B) The Council adheres to the provisions of I.C. 36-9-15.5. The proposed Fund will not exceed:
(1) Five cents per $100 of assessed valuation beginning with taxes payable in 2012;
(2) Five cents per $100 of assessed valuation payable in 2013; and
(3) Five cents per $100 of assessed valuation payable in 2014 and thereafter continuing until reduced or rescinded.
(C) The Fund is subject to the approval of the Department of Local Government Finance.
(2011 Code, § 31.26) (Ord. 2011-9, passed 5-2-2011)