§ 33.04 RE-ESTABLISH CUMULATIVE CAPITAL DEVELOPMENT FUND.
   (A)   There is hereby re-established the Linton Cumulative Capital Development Fund.
   (B)   An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Linton Cumulative Capital Development Fund.
   (C)   The maximum rate of levy under division (B) will not exceed $.0500 on each $100 of assessed valuation for 2015 payable in 2016.
   (D)   The Linton Cumulative Capital Development Fund is re-established for the year 2016.
   (E)   The funds accumulated in the Linton Cumulative Capital Development Fund will be used for I.C. 36-9-16-2, Cumulative Building Funds; I.C. 36-9-16.5, Cumulative Street Fund and I.C. 36-10-3-21, Cumulative Building Fund-Parks.
   (F)   Notwithstanding division (E) above, funds accumulated in the Linton Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division(E) above, 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 issues a declaration that the public health welfare of safety is in immediate danger that requires the expenditure of money in the Fund.
   (G)   This fund takes effect upon approval of the State Board of Tax Commissioners.
(Ord. 93-3, passed 7-12-1993; Am. Ord. 2013-7, passed 6-18-2013; Am. Ord. 2015-02, passed 6-8-2015)