(A) There is established a Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenue from the levy will be retained in the town Cumulative Capital Development Fund.
(C) The Cumulative Capital Development Fund shall be used for the purposes allowed under I.C. 36-9-15.5, such as pumping stations, water retarding, or improvement, firefighting apparatus and equipment, law enforcement radio equipment; the purchase, construction, renovation, or additions to a building; the purchase of equipment for use of providing of emergency medical services; to purchase, construct, equip, and maintain buildings for public purpose; to acquire the land and any improvements on it that are necessary for construction of public buildings; to demolish any improvements on land acquired under this section, and to level, grade, and prepare the land for the construction of a public building; to acquire land or right-of-way to be used for public ways or sidewalks; to acquire land or right-of-way for the construction of sanitary or storm sewers, or both; to purchase, lease, or pay all or part of the purchase price of motor vehicles for the use of the Marshal’s or Fire Department, or both, including ambulance and firefighting vehicles with the necessary equipment, ladders, and hoses; to construct, repair, or improve streets, alleys, curbs, gutters, sidewalks, and sewers; the construction, remodeling, repair, and extensions of storm sewers, building, remodeling, and repairs of park and recreational facilities.
(D) Notwithstanding division (C) above, funds accumulated in the town Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) 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 issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the Fund.
(1992 Code, § 2-173) (Ord. 984, §§ 1 - 5, passed 6-9-1998; Am. Ord. 1275, passed 6-11-2013; Am. Ord. 1423, passed 3-15-2022)