(A) The Town Council of the Town of Clear Lake, Steuben County, finds that a need exists for the re-establishment of a Cumulative Capital Development Fund for the following purposes: for all uses as set out in I.C. 36-9-15.5. The Town Council resolves that it will adhere to the provisions of I.C. 36-9-15.5.
(B) The proposed Fund will not exceed $0.0500 on each $100 of assessed valuation beginning with taxes payable in 2007, continuing until reduced or rescinded.
(Ord. 2006-4, passed 7-10-06)