(A) There is hereby established the Huntertown 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.
(C) The maximum rate of levy under division (B) above will not exceed:
(1) $.05 per $100 assessed valuation for 1997.
(2) $.10 per $100 assessed valuation for 1998.
(3) $.15 per $100 assessed valuation for 1999 and thereafter.
(D) The Cumulative Capital Development Fund is established until such time as the Fund is rescinded.
(E) The funds accumulated in the Cumulative Capital Development Fund will be used for capital improvements described in IC 36-9-16-3 and for other lawful purposes.
(F) Notwithstanding division (E) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E) 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 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. 85-007, passed 8-5-85; Am. Ord. 96-005, passed 7-15-96)