(A) There is hereby established a City Cumulative Capital Development Fund (Fund).
(B) An ad valorem property tax will be imposed and the revenues from that levy will be retained in the Fund.
(C) The maximum rate of levy under division (B) of this section will not exceed:
(1) For the city's 1997 budget year, $.10 per $100 assessed valuation.
(2) For the city's 1998 budget year, $.15 per $100 assessed valuation.
(D) It is the plan of the city that the funds accumulated in the Fund will be appropriated according to law and used for one or more of the allowed and applicable purposes listed in IC 36-9-15.5-2 as that section now exists and is hereafter amended.
(E) Notwithstanding the specificity of division (D) of this section, the Fund may be spent for purposes other than the purposes stated in division (D) of this section, if such expenditure 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. 8-C-94, passed 6-14-94; Am. Ord. 16-C-96, passed 7-9-96; Am. Ord. 25-C-08, passed 12-30-08)