(A) There is established a 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 cumulative capital development fund. The maximum rate of the levy will not exceed:
.15 per $100 assessed valuation for 1989
.15 per $100 assessed valuation for 1990
.15 per $100 assessed valuation for 1991
(C) The funds accumulated in the cumulative capital development fund will be used for capital improvements as described in IC 36-9-16-2 or IC 36-9-16-3.
(D) Notwithstanding division (C) above, funds accumulated in the cumulative capital development fund may be spent for purposes other than the purposes stated in division (C) above 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 section only after the Mayor issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the fund.
(Ord. 1985-2, passed 3-4-85; Am. Ord. 1988-7, passed 6-6-88)