(A) The Monon Cumulative Capital Development Fund is now reestablished and retitled the Monon Municipal Cumulative Capital Development Fund.
(B) The reestablishment of a Cumulative Capital Development Fund shall be established under the provisions of I.C. 36-9-15.5-5 et seq. for all uses set forth in I.C. 36-9-15.5-2.
(C) An ad valorem property tax levy is reestablished at the maximum rate, and the revenues from the levy will be retained in the Town of Monon Municipal Cumulative Capital Development Fund.
(D) The maximum rate of levy under division (C) will not exceed $0.0500 per $100 assessed valuation for the year 2014 and thereafter.
(E) The Town of Monon Municipal Cumulative Capital Development Fund is established until such time as the fund is rescinded.
(F) The funds accumulated in the Town of Monon Municipal Cumulative Capital Development Fund shall be used as specified and as specifically set forth in I.C. 36-9-15.5-2. The funds shall be specifically designated by the Town Council as it deems fit, and the Town Council shall advise to spend the capital development funds as set forth in I.C. 36-9-15.5-2, including but not limited to the following:
(1) For capital improvements, as described in I.C. 36-8-14, regarding firefighting building and equipment, police equipment and police radio equipment;
(2) For capital improvements, as described in I.C. 36-9-16-2, regarding the acquisition and erection of buildings;
(3) For capital improvements, as described in I.C. 36-9-16-3, regarding expenditures for general cumulative capital improvement projects;
(4) For capital improvements, as described in I.C. 36-9-16.5 et seq., regarding expenditures for public streets, thoroughfares, sidewalks, and the like;
(5) For capital improvements, as described in I.C. 36-9-17 et seq., regarding expenditures for the general improvement fund as provided;
(6) For capital improvements, as described in I.C. 36-9-26 et seq., regarding establishment of a Cumulative Building Fund for municipal sewers and storm water projects as provided;
(7) For capital improvements, as described in I.C. 36-10-3-21 et seq., regarding expenditures for the general improvement fund for parks and recreation as provided; and
(8) For uses set forth in I.C. 8-16-3, 8-22-3-25, 14-27-6-48, 14-33-14, 16-23-1-40, 36-9-27-100, and 36-10-4-36.
(G) Notwithstanding division (F) above, funds accumulated in the Town of Monon Municipal Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (F) 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.
(H) This reestablishment of an ad valorem property tax levy at the maximum rate takes effect only upon approval of the Department of Local Government Finance.
(1998 Code, § 4-13) (Ord. 04-2014, passed 6-24-2014)