(A) There is hereby reestablished the Frankfort Cumulative Firefighting Equipment Fund.
(B) An ad valorem property tax levy shall be imposed and the revenues from the levy shall be retained in the Frankfort Cumulative Firefighting Fund.
(C) The maximum rate of levy under division (B) will not exceed .0500 per $100 Assessed Valuation for 2005.
(D) The Frankfort Cumulative Firefighting Equipment Fund is established until such time as the fund is rescinded or revised.
(E) The funds accumulated in the Frankfort Cumulative Firefighting Equipment Fund may be used for the following purposes:
(1) The purchase of firefighting equipment for the use of the fire department, including the required payments under a lease rental with option to purchase agreement made to acquire the equipment.
(2) The purchase, construction, renovation or addition to buildings or purchase of land used by the fire department serving the unit.
(F) Notwithstanding the limitations of division (E), with prior approval from the Common Council, funds accumulated in the Frankfort Firefighting Equipment Fund may be spent for purposes other than those stated in division (E) if the purpose is to protect the public health, welfare or safety in an emergency situation and immediate action is required.
(G) This fund takes effect upon approval of the Department of Local Government Finance.
('75 Code, § 2.08) (Ord. CO-04-14, passed 7-26-04)