(A) Pursuant to I.C. 36-9-15.5 et seq., the town authorizes the creation of a Cumulative Capital Development Fund for all uses as set out and referenced in I.C. 36-9-15-2.
(B) The town shall abide by the provisions as set out therein and the proposed Fund shall not exceed $0.05 on each $100 of assessed valuation. Said tax rate will be levied beginning with taxes for 2009, payable 2010.
(C) The Clerk-Treasurer shall provide proofs of publication of the public hearing held on July 17, 2009 and a certified copy of the ordinance codified herein to the Department of Local Government Finance of the state as provided by state law. Said Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(D) This section shall be in full force and effect in accordance with state law, upon the passage of any applicable waiting periods, all as provided by the laws of the state.
(Prior Code, § 2-68) (Ord. 1993-10, passed 7-10-1993; Ord. 2009-8, passed 7-17-2009)