(A) The Town Cumulative Capital Development Fund is herewith reestablished.
(B) An ad valorem property tax levy will be imposed and the revenues from that levy will be retained in the Town Cumulative Capital Development Fund.
(C) That the maximum rate of levy under division (B) above will not exceed:
(1) (.12/.) per $100 assessed valuation for 1994;
(2) (.12/.) per $100 assessed valuation for 1995;
(3) (.12/.) per $100 assessed valuation for 1996;
(4) (.400/.) per $100 assessed valuation for 2017; and
(5) $0.0500 per $100 assessed valuation beginning with taxes payable in 2023.
(D) The funds accumulated in the Town Cumulative Capital Development Fund will be used for those purposes set out in I.C. 36-9-15.5.
(E) Notwithstanding division (D) above, funds accumulated in the Town Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) above, if the purpose is to protect the public health, welfare or safety in and emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Town Council issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the Fund.
(F) This Fund takes effect upon approval of the State Board of Tax Commissioners.
(Ord. 1993-5, passed 7-28-1993; Ord. 2017-02, passed 5-10-2017; Ord. 2022-03, passed 5-25-2022)