(A) The Cumulative Capital Development Fund, as initially established by Ordinance No. 09-05, is hereby re-established and shall be funded by levy of a tax at the rate of $0.0500 per $100 of assessed valuation pursuant to I.C. 36-9-15.5-6. The tax rate shall be levied beginning with taxes assessed for 2014, payable in 2015.
(B) The Cumulative Capital Development Fund shall be held in a special fund as provided in I.C. 36-9-15.5-8(a) and shall be used in accordance with the provisions of I.C. 36-9-15.5 and all other applicable and related provisions of the Indiana Code.
(C) 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. The Cumulative Capital Development Fund re-established hereby is subject to approval by the Department of Local Government Finance.
(Ord 09-15, passed 7-27-09; Am. Ord. 14-07, passed 6-23-14)