(A) There is hereby re-established the Town Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Town Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed $0.15 per $100 assessed valuation and in accordance with I.C. 36-9-15.5-6.
(D) The Town Cumulative Capital Development Fund is re-established until that time as the Fund is rescinded.
(E) The funds accumulated in the Town Cumulative Capital Development Fund will be used for capital improvements as described in I.C. 36-9-16-3.
(F) Notwithstanding division (E) above, funds accumulated in the Town Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E), if the purpose is to protect the public health, welfare, or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this division only after the Town Council President issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the Fund.
(G) This Fund takes effect upon approval of the Department of Local Government Finance.
(Ord. 02-14, passed 7-22-2002)