(A) The Town Council hereby establishes a Cumulative Capital Development Fund which is to be used for any lawful purpose set forth in I.C. 36-9-15.5.
(B) The Town Council will adhere to the provisions of I.C. 36-9-15.5 and the proposed tax rate for said fund will not exceed $0.05 on each $100 of assessed valuation, said tax rate to be levied commencing with taxes for calendar year 2017 payable in calendar year 2018.
(C) The Clerk-Treasurer shall submit to the Department of Local Government Finance of the state, a copy of the proof of publication of the public hearing held on March 26, 2018, and a certified copy of this section, as provided by law and said Cumulative Capital Development Fund shall be subject to approval by the Department of Local Government Finance.
(Ord. 2009-03, passed 7-27-2009; Ord. 031218, passed 3-26-2018)