(A) That the Town Council of the Town of Middlebury, Indiana determines that a need now exists for the establishment and re-establishment of the Cumulative Capital Development Fund for the following purposes: for all uses as set out in I.C. 36-9-15.5.
(B) That the Town Council of the Town of Middlebury, Indiana does hereby establish and reestablish its Cumulative Capital Development Fund in accordance with the provisions of I.C. 36-9-15.5 and I.C. 6-1.1-41.
(C) That the Town Council of the Town of Middlebury, Indiana will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will be levied at and not exceed $0.05 on each $100 of assessed valuation. Said tax rate will be levied beginning with taxes for 2020 payable 2021.
(D) That the proof of publication of the public hearing held on the 16 day of March, 2020 and a certified copy of this section will be submitted to the Department of Local Government Finance of the State of Indiana as provided by law. This Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 630, passed 3-16-2020)