(A) (1) Upon the request of the Board, the Town Council may establish, by ordinance, a special nonreverting capital fund for the purposes of acquiring land or making specific capital improvements. The Town Council may include in the Park Board’s annual budget an item and an appropriation for these specific purposes.
(2) Money placed in the nonreverting capital fund may not be withdrawn except for the purposes for which the fund was created, unless the Town Council repeals the ordinance. The Town Council may not repeal the ordinance under suspension of the rules.
(B) (1) The town’s Municipal Park Board may establish a cumulative building fund under I.C. 6-1.1-41 to provide money for:
(a) Building, remodeling, and repair of park and recreation facilities; or
(b) Purchase of land for park and recreation purposes.
(2) In addition to the requirements of I.C. 6-1.1-41, before a fund may be established, the proposed action must be approved by the Town Council.
(3) To provide for the cumulative building fund, the Town Council may levy a tax in compliance with I.C. 6-1.1-41 not to exceed one hundred sixty-seven hundredths cents on each $100 of assessed valuation of taxable property within the unit.
(4) The tax shall be collected and held in a special fund known as the Town Park and Recreation Cumulative Building Fund.
(I.C. 36-10-3-20 and I.C. 36-10-3-21) (Ord. 2017-11, passed 12-14-2017)