(A) Creation of CCI Fund.
(1) The town’s Cumulative Capital Development Fund and maximum rate of $0.05 per $100 of assessed valuation is hereby reestablished for the town.
(2) The town’s Cumulative Capital Development Fund shall be funded, each year, by levying a tax, in compliance with I.C. 6-1.1-41, on the taxable property in the town at the maximum property tax rate of $0.05 per $100 of assessed valuation as authorized by and pursuant to I.C. 36-9-15.5-6(b) beginning with taxes assessed in 2021, payable in 2022.
(2004 Code, § 2-501)
(B) Use of CCI Fund. All of the moneys deposited into the Cumulative Capital Improvement Fund shall be appropriated and used solely for capital improvements, as defined in division (C) below, and none of said moneys shall revert to the General Fund.
(2004 Code, § 2-502)
(C) Capital improvements. The term CAPITAL IMPROVEMENTS means the construction or improvement of any property owned by the town, including, but not limited to, streets, thoroughfares and sewers, and the retirement of general obligation bonds of the town and the proceeds used for the purpose of constructing capital improvements. The term CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees, except those which are directly chargeable to a capital improvement.
(2004 Code, § 2-503)
(Ord. 2016-04, passed 4-19-2016; Ord. 2018-09, passed 4-17-2018; Ord. 2019-02, passed 3-19-2019; Ord. 2020-03, passed 5-19-2020; Ord. 2021-01, passed 3-16-2021)