(A) Created; purpose.
(1) There is adopted by the city a cumulative fund for the needs and use of the City Fire Department.
(2) The Cumulative Fund shall be for the purpose of raising funds for the erection of fire stations and the erection of additions to and the remodeling of the present buildings used to house firefighting equipment and for the purchase of firefighting equipment, or to make the required payments under a lease rental with option to purchase agreement made to acquire equipment.
(Prior Code, § 43.045)
(B) Expenditures. No expenditures shall be made from the Cumulative Fund except after an appropriation therefor has been made in the manner provided by law for making other appropriation.
(Prior Code, § 43.046)
(C) Tax levy; amount. To provide funds for the cumulative building, remodeling, or equipment fund, a tax levy on all taxable property within the city limits is adopted not to exceed $0.10 on the $100 of assessed valuation of the property located within the limits of the city taxing district.
(Prior Code, § 43.047)
(D) Tax levy; when levied. The cumulative fund tax may be levied annually beginning with the first annual tax levy after adoption by the Common Council and approval by the State Board of Tax Commissioners.
(Prior Code, § 43.048)
(E) Tax levy; advertisement; reduction, rescission.
(1) The cumulative fund tax levy shall be advertised as other tax levies annually, beginning with the first annual tax levy; provided, that if the Common Council deem it advisable to do so, after the levy has been approved, it may reduce or rescind the annual levy or ten or more taxpayers of the city who will be affected by the tax, may file with the County Auditor not later than August 1 of any year, a petition for reduction or revision of the levy setting forth their objections to the levy.
(2) The petition shall be certified to the State Board of Tax Commissioners and the same procedure for notice and hearing shall be followed as provided for by law.
(Prior Code, § 43.049)
(F) Tax levy; deposit; additional purposes. As the tax is collected, it shall be deposited in a qualified public depository or depositories and shall be held in a special fund known as the Building and/or Remodeling Firefighting Fund. The funds shall not be used for any other purpose than the purpose for which it was raised.
(Prior Code, § 43.050)