(A) There is hereby re-established the town’s 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 town’s Cumulative Capital Development Fund.
(C) The maximum rate of the levy under division (B) above will not exceed $0.05 per $100 assessed valuation.
(D) The town’s Cumulative Capital Development Fund is re-established until such time as the Fund is rescinded.
(E)
The funds accumulated in the town’s Cumulative Capital Development Fund, in accordance with I.C. 36-9-15.5-2, may be used for any purpose for which property taxes may be imposed within the municipality under the authority of any of the following statutes which may apply to the town from time to time: I.C. 8-16-3; I.C. 8-22-3-25; I.C. 14-27-6-48; I.C. 14-33-14; I.C. 16-23-1-40; I.C. 36-8-14; I.C. 36-9-4-48; I.C. 36-9-15.5; I.C. 36-9-16-2; I.C. 36-9-16-3; I.C. 36-9-16.5; I.C. 36-9-17; I.C. 36-9-26; I.C. 36-9-27-100; I.C. 36-10-3-21; or I.C. 36-10-4-36.
(F) Notwithstanding division (E) above, the funds accumulated in the town’s 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 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. 1992-10, passed 8-31-1992; Ord. 2004-2, passed - -; Ord. passed 4-22-2020)