(A) There is hereby established a Cumulative Capital Development Fund as authorized by IC 36-9-15.5 et seq.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund. The revenues retained in said Fund shall be used for the purposes authorized by statute as set out in division (D) below.
(C) The maximum rate of levy for the Cumulative Capital Development Fund will not exceed $.15 per $100 of assessed valuation.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for purposes allowed by IC 36-9-16-2 and 36-9-16-3 as amended from time to time.
(E) Notwithstanding other provisions of this section, funds accumulated in the 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 Mayor issues a declaration that the public health, welfare or safety is in immediate danger and requires the expenditure of money in the Fund.
(Ord. 1202, passed 7-19-93)