(A) There is established a 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 Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) of this section shall be and shall not exceed $ .12 per $100 assessed valuation for 2003, and $.12 per $100 assessed valuation for 2004, and $.12 per $100 assessed valuation for 2005.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for the purposes permitted by I.C. 36-8-14 (which include the purchase of firefighting equipment) and the purposes permitted by I.C. 36-9-16 (which include the purchase of motor vehicles, including firefighting vehicles and related equipment).
(E) Notwithstanding division (D) of this section, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) of this section, 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. 87-4, passed 2-9-87; Am. Ord. 90-14, passed 6-25-90; Am. Ord. 93-5, passed 6-14-93; Am. Ord. 93-5A, passed 7-26-93; Am. Ord. 96-12, passed 5-13-96; Am. Ord. 02-18, passed 7-29-02)