(A) Fund established. There is hereby established a Cumulative Building and Equipment Fund under I.C. 36-8-14.
(2003 Code, § 3.06.010)
(B) Tax levy. An ad valorem property tax levy shall be imposed on all taxable property within the city and the revenues from such levy shall be retained in the Cumulative Building and Equipment Fund.
(2003 Code, § 3.06.020)
(C) Maximum rate. The maximum rate of levy under division (B) above shall not exceed $0.0333 per $100 of assessed valuation of property in the city.
(2003 Code, § 3.06.030)
(D) Use. The funds accumulated in the Cumulative Building and Equipment Fund shall be used for the purchase, construction, renovation, or addition to buildings used by the city’s Volunteer Fire Department and for the purchase of firefighting equipment including, but not limited to, making the required payments under a lease rental with option to purchase agreement made to acquire such equipment, if an such agreement there be, and to purchase police radio equipment, all as described in I.C. 36-8-14-2.
(2003 Code, § 3.06.040)
(E) Additional use. Notwithstanding division (D) above, funds accumulated in the Cumulative Building and Equipment Fund may be spent for purposes other than the purposes stated in division (D) 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 Mayor issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in such Fund.
(2003 Code, § 3.06.050)
(F) Approval by State Board. A public hearing on the proposal of the establishment of the Cumulative Building and Equipment Fund shall be held. Notice thereof shall be given to the taxpayers of the city in accordance with I.C. 5-3-1 and the hearing held prior to presentation of this section to the state’s Board of Tax Commissioners. Upon approval by the state’s Board of Tax Commissioners, this Fund shall become effective immediately.
(2003 Code, § 3.06.060)
(Ord. 1987-2, passed 3-9-1987)