(a) There is hereby established the City of Carmel 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 City Cumulative Capital Development Fund.
(c) The maximum rate of levy under subsection (b) will not exceed the highest rate of levy allowed by Indiana law.
(d) The rate of levy shall be determined each year by the Council and shall be approved, advertised, and adopted in the same manner as other tax levies are approved, advertised and adopted.
(e) The funds accumulated in the City Cumulative Capital Development Fund will be used for purposes permitted under I.C., 36-9-16-3, for capital improvements; for any purposes permitted under I.C., 36-9-16.5-2, for public ways and sidewalks; for any purposes permitted under I.C., 36-9-26-2, for municipal sewers; for any purposes permitted under I.C., 36-9-17, for general improvement; for any purposes permitted under I.C., 36-8-14-2, for firefighting building and equipment and police radios; for any purposes permitted under I.C., 36-10-4-36, for parks; for any purposes permitted under I.C., 36-9-16-2 for public buildings and rights-of-way; for purpose permitted under I.C., 36-9-27-99 for drainage; and for any purposes permitted under I.C., 36-10-3-21 for parks and recreation.
(f) Notwithstanding uses permitted under subsection (e) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than those purposes stated in subsection (e), provided that the purpose of the expenditure is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Funds may be spent under the authority of this subsection 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 and files notice of such emergency declaration with the Carmel Common Council.
(g) Except as provided in subsection (f) above, no bids shall be let and no monies shall be spent from the Fund established by this section for projects not submitted during the budget process without the prior approval of a simple majority of the Common Council at a publically noticed meeting of the Common Council, the list should include estimated costs and money sources.
(`91 Code, § 2-92) (Ord. D-994, 6-21-93; Ord. D-1640-03, § 2, 7- 29-03; Ord. 1897-08, As Amended, 7-7-08; Ord. D-2024-10, As Amended, 2-7-11; Ord. D-2067-11, 11-7-11; Ord. D-2295-16, 6-6-16; Ord. D-2361-17, § 3, 5-15-17; Ord. D-2456-19, § 3, 3-18-19)