(A) Establishment.
(1) Pursuant to Pub. Law No. 44-1984, being I.C. 36-9-14.5, a Cumulative Capital Development Fund is established for the city for the years 1985, 1986 and 1987, with the tax rate per $100 assessed valuation beginning at $0.05 in the first year then increasing to $0.10 in the second year and reaching $0.15 in the third year.
(2) The Cumulative Capital Development Fund heretofore established for the years 1985, 1986, 1987, 1988, 1989, 1990, 1991, 1992 and 1993 shall be continued for the years 1994, 1995 and 1996 at the rate of $0.15 per $100 of assessed valuation.
(Prior Code, § 3.10.010)
(B) Levying of taxes. The City Common Council shall levy this annual tax for a period of three years on all taxable property within the city and upon the approval of the tax by the State Board of Tax Commissioners. The tax levy set forth herein shall continue on all taxable property within the city for the years 1994, 1995 and 1996 upon approval by the State Board of Tax Commissioners.
(Prior Code, § 3.10.030)
(C) Use. The Cumulative Capital Development Fund shall be used for any of the following purposes: a firefighting building, firefighting equipment, police radio equipment or constructing, repairing or improving streets, alleys, sidewalks, curbs, gutters and sewers. For the purposes of this division (C), the word USED as it relates to use of the funds raised by the continuation of the Cumulative Capital Development Fund shall include the lease or lease- purchase of any item or items set forth herein.
(Prior Code, § 3.10.020)
(D) Use for other purchases.
(1) Notwithstanding the provisions of division (C) above, funds accumulated in the City Cumulative Capital Development Fund may be appropriated and dispersed 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 or circumstance which demands immediate action.
(2) Appropriations and disbursement of funds from the Cumulative Capital Development Fund under the authority of this division (D) may be made only after the Mayor issues a declaration that the public health, welfare or safety is in immediate danger which requires the appropriation and disbursement of funds from the Fund.
(Prior Code, § 3.10.040)
(Ord. 1055, passed 7-2-1984; Ord. 1149, passed 7-2-1984; Ord. 1369, passed 6-7-1993)