(A) The Town Council finds that a need now exists for the re-establishment of the Cumulative Capital Development Fund rate for the following purposes:
(1) For all uses as set out in I.C. § 36-9-15.5.
(B) This Council will adhere to the provision of I.C. 36-9-15.5. The proposed fund will not exceed $0.0500 on each $100 of assessed valuations. Said tax rate will be levied beginning with taxes for 2013 payable 2014.
(C) Proofs of publication of the public healing held on the third day of June, 2013, and a certified copy of this section shall be submitted to the Department of Local Government Finance of the State of Indiana as provided by law. Said Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 2013-6B, passed 6-17-13)