(A)   There is hereby established a Cumulative Capital Development Fund.
   (B)   An ad valorem property tax levy will be imposed and the revenue generated from the levy will be retained in the Cumulative Capital Development Fund.
   (C)   The tax rate may not exceed the maximum allowable rate established by state law under IC 36-9-15.5. The tax rate is established at $0.0500 per $100 assessed value for assessments in 2021 and thereafter.
   (D)   The revenue accumulated in the Cumulative Capital Development Fund may be used for all permissible uses as established by the following state statues:
   IC 8-16-3      Cumulative Bridge Fund
   IC 8-22-3-25      Airport Cumulative Building Fund
   IC 14-33-14      Conservancy District Cumulative Maintenance Fund
   IC 14-33-21      Cumulative Improvement Fund
   IC 36-8-14      Cumulative Fire Fund
   IC 36-9-4      Cumulative Transportation Fund
   IC 36-9-16      Municipal Cumulative Building or Sinking Fund and Capital Improvement Fund
   IC 36-9-16.5      Municipal Cumulative Street Fund
   IC 36-9-16      Municipal Cumulative Building and Capital Improvement Fund
   IC 36-9-17      Municipal General Improvement Fund
   IC 36-9-26      Cumulative Building Fund for Municipal Sewers
   IC 36-9-27-100   Cumulative Drainage Fund
   IC 36-10-3-21   Park Cumulative Building Fund
   IC 36-10-4-36   Park Cumulative Building and Sinking Fund
   (E)   Notwithstanding division (D), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D), if the purpose is to protect the public health, welfare and 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 and safety is in immediate danger that requires the expenditure of money in the fund.
   (F)   This fund and tax rate take effect upon the annual approval of the Department of Local Government Finance.
(Ord. 12-5-94; Am. Ord. 22-07-12, passed 7-24-12; Am. Ord. 08-03-13, passed 5-28-13; Am. Ord. 03-02-18, passed 3-13-18; Am. Ord. 11-02-19, passed 3-12-19; Am. Ord. 10-02-21, passed 3-9-21)