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A. That a need now exists for the establishment of a cumulative capital fund for all uses as set out in Indiana Code 36-9-15.5.
B. The council will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will not exceed $0.05 on each $100 of assessed valuation and said tax rate will be levied beginning with taxes for 2017 payable 2018.
C. The proofs of publication of the public hearing held on the 20th day of June, 2017, and a certified copy of this section be submitted to the Department of Local Government Finance of the State of Indiana as provided by law. Said cumulative fund is subject to the approval of the Department of Local Government Finance.
(Ord. 18-2017, 2017)