(A) There is re-established a Cumulative Capital Development Fund for the town as permitted by the provisions of IC 36-9-15.5.
(B) An ad valorem property tax levy is to be imposed upon all taxable real and personal property within the taxing district of the town, with the property tax revenues collected from said levy to be retained and deposited into the Cumulative Capital Development Fund (CCDF) in conformance with applicable law.
(C) The maximum rates of levy for the CCDF will not exceed the following:
(1) $.05 per $100 assessed valuation for 2021, payable in 2022.
(2) $.05 per $100 assessed valuation for 2022, payable in 2023.
(D) The CCDF shall remain in full force and effect until said fund is rescinded, repealed or abolished in conformance with lawful procedures.
(E) Funds collected and deposited into the CCDF will be used for the following purposes, namely:
(1) To construct such streets, alleys, sidewalks, or thoroughfares as required, and to maintain the same, and further, to fund any and all related purposes consistent thereto;
(2) To purchase, lease or pay all or part of the purchase price of motor vehicles for the use of the Police and Fire Departments, or both, including ambulance and firefighting vehicles with all necessary equipment;
(3) Any and all other purposes allowed by IC 36-9-15.5-2, as the same may be amended from time to time.
(F) Notwithstanding the purposes for the use of the CCDF set forth in this section, the property tax funds collected, deposited and accumulated in the CCDF may be expended for purposes other than those specifically set forth herein if the purpose is to protect the public health, welfare or safety in an emergency situation which demands and requires immediate action. The CCDF of the town may be utilized under the authority of this section only after the Town Council, as legislative body, and the Council President declare that the public health, welfare or safety is in immediate danger which requires the expenditure of Cumulative Capital Development Funds collected and accumulated for such emergency purposes.
(Ord. 555, passed 6-25-92; Am. Ord. 657, passed 7-31-95; Am. Ord. 701, passed 7-8-97; Am. Ord, 1012, passed 7-17-07; Am. Ord. 1323, passed 3-19-19; Am. Ord. 1378, passed 3-16-21; Am. Ord. 1413, passed 4-19-22)