§ 35.20 GENERAL IMPROVEMENT FUND.
   (A)   Establishment and use. Pursuant to the provisions of I.C. 36-9-17-1 et seq., a fund known as the General Improvement Fund is established, which shall be used to construct, repair or improve streets, alleys, sidewalks, curbs, gutters or sewers.
(Prior Code, § 3.04.010)
   (B)   Sources. The Fund shall consist of the following:
      (1)   The special assessments collected under this section for benefits to property from constructing, repairing or improving streets, alleys, sidewalks, curbs, gutters and sewers;
      (2)   Any appropriations made from the General Fund of the city or from taxes levied by the City Common Council for the purpose of constructing, repairing or improving streets, alleys, sidewalks, curbs, gutters and sewers; and
      (3)   Special assessments collected by the City Common Council under any provisions other than this section may not be deposited in the Fund.
(Prior Code, § 3.04.020)
   (C)   Tax levy. The City Common Council shall levy an annual tax for the benefit and use of the General Improvement Fund in an amount set annually by the Common Council on the net taxable valuation of property in the city.
(Prior Code, § 3.04.030)
   (D)   Limitations on Fund. Notwithstanding any other provision of this section, the aggregate sum which may be appropriated and levied under this section, including emergency appropriations as authorized by I.C. 36-9-17, may not exceed the equivalent of $0.50 on each $100 net taxable valuation of property in the city.
(Prior Code, § 3.04.040)
   (E)   Disbursements. Disbursements may be made from the General Improvement Fund for any purpose only if benefits are to be:
      (1)   Assessed against the properties benefitted in the manner provided by the street and sewer improvement statutes of the state statutes; and
      (2)   Collected in the manner provided by law for the collection of Barrett Law assessments under I.C. 36-9-36 through 36-9-39, with all interest and penalties paid into the General Fund of the city.
(Prior Code, § 3.04.050)
   (F)   Letting of contracts; assessments.
      (1)   Contracts for public improvements authorized by this section shall be let according to the state code provisions authorizing the city to make and finance public improvements.
      (2)   As soon as any contract for the construction of a public improvement under this section has been let, the city shall:
         (a)   Carefully compute the entire cost of the project, including payments made and to be made to the contractor, and all incidental costs, expenses and damages paid and incurred according to law; and
         (b)   Prepare and make out an assessment roll listing the assessments against the properties benefitted.
      (3)   In determining and fixing the amount of assessments, the giving of notice of assessments, the holding of public hearings and the making of final determinations, subject to the right of appeal from those determinations, the city is governed by the street improvement statutes of the State Code.
(Prior Code, § 3.04.060)
   (G)   Payments.
      (1)   Assessments made under this section are liens on the properties benefitted from the time of the letting of the contract and shall be collected in the manner provided by law for the collection of Barrett Law assessments. However, the City Common Council shall fix a period of not more than five years within which the assessments shall be paid. Any property owner liable for an assessment may elect to pay it in annual installments over the period of time fixed by the City Common Council by executing a waiver in the manner provided by applicable provisions of the State Code.
      (2)   All payments of the assessments and all payments made by the city for public improvements under this section shall be made into the General Improvement Fund.
(Prior Code, § 3.04.070)
(Ord. 677, passed - -1965; Ord. 1010, passed 3-2-1981)