(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 funds accumulated in the City Cumulative Capital Development Fund will be used for the improvement of public ways and sidewalks as set forth in I.C. 36-9-16.5 Cumulative Street Fund.
(D) Notwithstanding division (C) of this section, funds accumulated in the City Cumulative Capital Development Fund may be spent for purposes other than the purposes as set forth in I.C. 36-9-16.5-2 Cumulative Street Fund, 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 Mayor issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the Fund.
(1989 Code, § 35.01) (Ord. passed 7-24-1984; Ord. passed 4-11-1988; Ord. passed - -)