(A) There is hereby established a Cumulative Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) will not exceed $0.05 on each $100 of assessed valuation and said tax rate will be levied beginning with taxes for 2021, payable 2022 and used for the following purposes: for all uses as set out in IC 36-9-15.5-2.
(D) The Cumulative Capital Development Fund is established until such time as the Fund is rescinded.
(E) The funds accumulated in the Cumulative Capital Development Fund will be used for Cumulative Firefighting Building, Equipment, Police Radio Fund (IC 36-8-14), Cumulative Building Fund (IC 36-9-16-2), Cumulative Capital Improvement Fund (IC 36-9-16-3), Cumulative Street Fund (IC 36-9-16.5), General Improvement Fund (IC 36-9-17), Cumulative Drainage Fund (IC 36-9-27-100), Cumulative Building Fund-Parks (IC 36-10-3-21), and Cumulative Building Fund-Sewers (IC 36-9-26).
(F) Notwithstanding division (E) above, funds accumulated in the town Cumulative Capital Development Fund may be sent for purposes other than those stated in division (E) 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 Town Council President issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
(Ord. 9805, passed 7-13-98; Am. Ord. 2016-07, passed 7-11-16; Am. Ord. 2018-01, passed 3-12-18; Am. Ord. 2021-05, passed 4-12-21)