(A) A need now exists for the establishment of Cumulative Capital Bridge Fund for the purposes as set out by I.C. 8-16-3-3.
(B) The Council will adhere to the provisions of I.C. 8-16-3-3. Proposed Fund will not exceed $0.01 on each $100 of assessed value. Said tax rate will be levied beginning with taxes for 2008 payable 2009.
(C) Proofs of publication of the public hearing held on June 17, 2008 and a certified copy of Ord. 2008-03 be submitted to the state’s Department of Local Government Finance as provided by law. Said Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 2008-03, passed 7-15-2008)