(A) A need exists for the establishment of a Cumulative Capital Development Fund for the following purposes: for all uses as set out in I.C. 36-9-15.5.
(B) The Council will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will not exceed $0.0167 on each $100 of assessed valuation in 2017, $0.0333 on each $100 of assessed valuation in 2018, and $0.0500 on each $100 of assessed valuation in 2019. Said tax rate will be levied beginning with taxes for 2016 payable 2017.
(C) Proofs of publication of the public hearing held on the June 6, 2016, and a certified copy of this section will be submitted to the Department of Local Government Finance of the state as provided by law. This Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 2016-6A, passed 6-6-2016)