(A) There is hereby reestablished the Town of Hamilton 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 town Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) will not exceed .15 per $100 of assessed valuation.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for:
I.C. 36-8-14 Cumulative Firefighting Building, Equipment, Police Radio Fund
I.C. 36-9-16-2 Cumulative Building Funds
I.C. 36-9-16-3 Cumulative Capital Improvement Fund
I.C. 36-9-16-5 Cumulative Street Fund
I.C. 36-9-17 General Improvement Fund
I.C. 36-9-26 Cumulative Building Fund - Sewers
I.C. 36-9-27-100 Cumulative Drainage Fund
I.C. 36-10-3-21 Cumulative Building Fund - Parks
I.C. 36-10-4-36 Cumulative Sinking and Building Fund - Parks
(E) Notwithstanding division (D), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D), if the purpose is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Money maybe spent under the authority of this section only after the Town Council President issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the Fund.
(Ord. 97-6, passed 10-6-97)
Statutory reference:
Municipal Cumulative Capital Development Fund, see I.C. 36-9-15.5-1 et seq.