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(A) An annual ad valorem property tax levy is hereby imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(B) The maximum rate of levy under division (A) above will not exceed:
(1) $.15 per $100 assessed valuation for 1995.
(2) $.15 per $100 assessed valuation for 1996.
(3) $.15 per $100 assessed valuation for 1997.
(4) $.05 per $100 assessed valuation for 2012.
(C) There is hereby reestablished the Columbia City Cumulative Capital Development Fund.
(D) The funds accumulated in this Fund may be used for any of the purposes authorized in I.C. 36-9-16.5 (Cumulative Street Fund), I.C. 36-9-17 (General Improvement Fund), I.C. 36-9-16 (Cumulative Building Fund and Cumulative Capital Improvement Fund), I.C. 36-9-26 (Cumulative Building Fund for Municipal Sewers), and I.C. 36-8-14 (Cumulative Firefighting Building and Equipment and Police Radio Fund), including, but not limited to, the construction or reconstruction of public ways, streets, or sidewalks; the construction and maintenance of sanitary and/or storm sewers; the purchase and/or lease-purchase of firefighting vehicles; the purchase of police radio equipment; and the remodeling, extension, and repair of sewage disposal facilities.
(E) Notwithstanding division (D), funds accumulated in the Fund may be spent for purposes other than the purposes stated in division (D) if the purpose is to protect the public health, welfare, or safety, and in an emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Mayor issues a written declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the Fund.
(F) This section shall be effective from and after its approval by the State Board of Tax Commissioners.
(1980 Code, § 30.02) (Ord. 1988-13, passed - -1988; Am. Ord. 1994-23, passed 7-12-1994; Am. Res. 2011- 9, passed 7-26-2011)
Cumulative Street Fund, see § 34.08