(A) There is hereby established a Cumulative Capital Development Fund.
(B) An annual 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) shall be in the amount established by ordinance from time to time.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for:
(1) The uses and purposes as described in IC 36-9-16-2 (the Cumulative Building Fund statute);
(2) The uses and purposes as described in IC 36-9-16-3 (the Cumulative Capital Improvement Fund statute);
(3) The uses and purposes as described in IC 36-9-16.5 (the Cumulative Street Fund statute);
(4) The uses and purposes as described in IC 36-9-17 (the General Improvement Fund statute);
(5) The uses and purposes as described in IC 36-9-26 (the Cumulative Building Fund for Municipal Sewers statutes with regard to storm sewers and surface drainage); and
(6) The uses and purposes as described in IC 36-10-3-21 (the Cumulative Building Fund for Municipal Parks statute).
(E) Notwithstanding division (D) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) 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, or safety is in immediate danger that requires the expenditure of money in the Fund.
(Ord. 1985-20, passed 8-24-85)