(A) Creation. There is hereby established the Crothersville Cumulative Capital Development Fund.
(B) Levy for fund. An ad valorem property tax levy for the Cumulative Capital Development Fund shall be imposed and the revenues of said levy shall be retained in the Cumulative Capital Development Fund.
(C) Maximum rates. The maximum rate of the levy provided for herein shall not exceed the following:
(1) $0.15 per $100 of assessed valuation for 1994;
(2) $0.15 per $100 of assessed valuation for 1995;
(3) $0.15 per $100 of assessed valuation for 1996.
(D) Uses of fund. The funds accumulated in the Cumulative Capital Development fund shall be utilized to provide money to construct and maintain public ways or sidewalks as provided for by I.C. 36-0-16-3(2) and to construct or reconstruct public ways or sidewalks as provided for by I.C. 36-16.5-2.
(E) Emergency expenditures. Notwithstanding the provisions of division (D) above, funds and money accumulated and held in the Cumulative Capital Development fund may be spent for purposes other than stated in division (D) if the purpose of such expenditure is to protect the public health, public welfare or public safety in an emergency situation which demands immediate action. Money may be spent under the authority of this division only after the President of the Town Council issues a written declaration that the public health, public welfare or public safety is in such immediate danger that it requires the expenditure of the money in said fund.
(Ord. 1984-2, passed 9-4-84; Am. Ord. 1993-2, passed 7-6-93)