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(A) There is hereby established a new Cumulative Capital Development Fund.
(B) The funds accumulated in the Cumulative Capital Development Fund may be used for all uses as set out in I.C. 36-9-15.5 and any other governmental purpose for which money is appropriated by the Town Council.
(C) This 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. Said tax rate will be levied beginning with taxes for 2014 payable 2015,
(D) All funds currently being held in the existing Cumulative Capital Development Fund shall, upon approval of this new Fund, be transferred to the newly created Fund.
(Ord. 93-001, passed 5-25-1993; Ord. 00-003, passed 7-12-2000; Ord. 2014-005, passed 6-24-2014)