(A) There is established a Lowell Cumulative Capital Development Fund.
(B) A need now exists for the re-establishment of a Cumulative Capital Development Fund for all the uses set out in IC 36-9-15.5.
(C) The Council will adhere to the provisions of IC 36-9-15.5. The proposed fund will not exceed $0.05 on each $100 of assessed valuation. The tax rate will be levied beginning with taxes for 2015 payable in 2016.
(Ord. 1991-7, passed 4-22-91; Am. Ord. 2014-06, passed 4-28-14)