(A)   There is hereby established a Fire Cumulative Capital Fund.
   (B)   An ad valorem property tax levy will be imposed and the revenue  generated from the levy will be retained in the Fire Cumulative Capital Fund.
   (C)   The tax rate may not exceed the maximum allowable rate established by state law under IC 36-8-14-4(a). The tax rate is established at $0.0200 per $100 assessed value for assessments in 2021 and thereafter.
   (D)   The revenue accumulated in the Fire Cumulative Capital Fund may be used for all permissible uses as established by the following state statue:
      IC 36-8-14   Cumulative Fire 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. 11-02-21, passed 3-9-21)