(A) A need now exists for the establishment of a Cumulative Capital Development Fund for the following purposes: for all uses as set out in I.C. 36-9-15.5.
(B) This Board will adhere to the provisions of I.C. 36-9-15.5. The proposed Fund will not exceed $0.05 on each $100 of assessed valuation. Said tax rate will be levied beginning with taxes for 2013 payable 2014; and thereafter, continuing until reduced or rescinded.
(C) Proofs of publication of the public hearing held on the July 15, 2013, and a certified copy of this section shall be submitted to the Department of Local Government Finance of the state as provided by law. This Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 2013-5, passed 7-15-2013)