(A) The tax rate of the County Cumulative Capital Development Fund is hereby increased to $0.0333 per $100 of assessed valuation pursuant to the provisions of I.C. 36-9-14.5-6(b), and I.C. 6-1.1-41 et seq.
(B) Subject to approval by the DLGF, a tax at the adjusted rate of $0.0333 per each $100 of assessed valuation shall be levied pursuant to the provisions of I.C. 6-1.1-41-10 and I.C. 36-9-14.5-6(b) on all taxable property within the county to fund the County Cumulative Capital Development Fund.
(C) Subsequent to approval of the adjusted tax rate for the County Cumulative Capital Development Fund by the DLGF, a property tax rate shall be levied annually at the approved adjusted rate without necessity of further action by this Board, provided that such tax levy shall be advertised annually in the same manner as other tax levies are advertised, subject only to the provisions of I.C. 6-1.1-41-12.
(D) The tax established by this section shall be deposited and held in a special fund to be known as the County Cumulative Capital Development Fund pursuant to the provisions of I.C. 6-1.1-41-14.
(E) Expenditures and transfers from the County Cumulative Capital Development Fund shall only be permitted and made in accordance with the provisions of I.C. 36-9-14.5-2, I.C. 36-9-14.5-8(c), I.C. 36-1-8-5.1(d), I.C. 36-7-23 et seq. or other applicable state statutory authority.
(F) The County Auditor shall submit a certified copy of this section, together with request to establish a hearing thereon pursuant to the provisions of I.C. 6-1.1-41 et seq. to the DLGF promptly after its adoption in accordance with the requirements of I.C. 6-1.1-41-4, notice of which submission shall be published as required by I.C. 6-1.1-41-5.
(Ord. 21-2012, passed 5- -2012; Ord. 29-2012, passed 7-26-2012)