(A) There is hereby established a City 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 division (B) will exceed those rates as set forth by ordinance.
(D) The funds accumulated in the City Cumulative Capital Development Fund will be used for:
(1) Purchase, construction, renovation or addition to buildings used by the Fire Department as described in I.C. 36-8-14.
(2) Purchase, construct, equip and maintain a municipal building for the Clerk-Treasurer's use as described in I.C. 36-9-16-2.
(3) All uses as set out in I.C. 36-9-15-2.
(E) Notwithstanding division (D) of this section, funds accumulated in the City Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) of this section, 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.
(Ord. passed 5-4-93; Am. Ord. 05-01-2007-2, passed 5-1-07)