(A) Established. The Common Council as the legislative body of the city establishes a municipal Cumulative Capital Development Fund.
(B) Ad valorem property tax levy. An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the City Cumulative Capital Development Fund.
(C) Use of accumulated funds. The funds accumulated in the City Cumulative Capital Development Fund will be used for capital improvements as described in I.C. 36-8-14 (cumulative firefighting building, equipment, police radio fund); I.C. 36-9-16-2 (cumulative building funds); I.C. 36-9-16-3 (cumulative capital improvement fund); I.C. 36-9-16-5 (cumulative street fund); I.C. 36-9-17 (general improvement fund); I.C. 36-9-26 (cumulative building fund-sewers); and I.C. 36-9-27-100 (cumulative drainage fund); and any other purpose authorized by statue for capital improvements.
(D) Emergency uses of Fund. Notwithstanding division (C) above, funds accumulated in the city Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) 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 of the city issues a declaration that the public health, welfare or safety is in immediate danger that requires this expenditure of money in the fund.
(E) Effective date of Fund and tax. This Fund takes effect upon approval of the State Board of Tax Commissioners.
(Prior Code, § 2-1)