(A) A need now exists for the re-establishment of a Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5-2.
(B) The Common Council will adhere to the provisions of I.C. 36-9-15.5. The proposed Fund will not exceed $0.05 per $100 of assessed valuation beginning with the taxes levied in 2015 and payable in 2016 and thereafter, continuing until reduced or rescinded or renewal every three years.
(C) Proofs of publication of the public hearing held on June 9, 2015, and that certified copy of Ord. No. 2-2015 shall be submitted to the Department of Local Government Finance of the state as provided by law. Said Cumulative Fund is subject to approval of the Department of Local Government Finance.
(Ord. 2-2015, passed 6- -2015; Res. 1-2019, passed 2-26-2019)