(A) The Board of Directors of the Port Authority may, by resolution, recommend to the city executive and the Common Council of the city that a Cumulative Channel Maintenance Fund be established to provide funds for dredging channels, cleaning channels, and shores of debris and any other pollutants, and the providing and repairing of bulkheads, pilings, docks, and wharves, purchase and development of land adjoining channels within the jurisdiction of the Port Authority, and which land is necessary to the fulfillment of the plan adopted by the Port Authority for the future development, construction and improvement of its facilities; provided the purchased and developed land shall be available to the residents of the city without further charge.
(B) (1) The Common Council may levy a tax in compliance with I.C. 6-1.1-41 not to exceed $0.10 on each $100, or another amount as set by the city from time to time, on all taxable property within the city for the Cumulative Channel Maintenance Fund until March 1, 2001.
(2) After March 1, 2001, the tax shall not exceed $0.0333 on each $100, or another amount as set by the city from time to time, on all taxable property within the city.
(C) The tax, when collected, shall be held in a special fund to be known as the Cumulative Channel Maintenance Fund.
(Prior Code, § 44.15) (Ord. 0-99-0027, passed 12-20-1999)