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(A) There is hereby established the Cumulative Capital Development Fund.
(B) An ad valorem (according to value) 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) will not exceed:
(1) .0167 per $100 assessed valuation for 2013;
(2) .0333 per $100 assessed valuation for 2014;
(3) .0500 per $100 assessed valuation for 2015 and thereafter.
(D) The Cumulative Capital Development Fund is established until such time as the fund is rescinded.
(E) The funds accumulated in the Cumulative Capital Development Funds will be used for any purposes allowed by law.
(F) Notwithstanding division (E), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E), 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.
(G) This fund takes effect upon approval of the DLGF.
(Ord. 06-2012, passed 7-25-12)