(A) A need now exists for the establishment of a Cumulative Capital Development Fund for the following purposes: equipment replacement (trash truck, sander truck, snow plow, police car, fire truck, and the like) and street maintenance.
(B) The Town Council will adhere to the provisions of I.C. 36-9-15.5. The proposed Fund will not exceed $0.05 in 2002, $0.10 in 2003, and $0.15 in 2004 and thereafter, per $100 of assessed valuation. Said tax rate will be levied beginning with taxes 2001 payable 2002.
(C) Proofs of publication of the public hearing held on April 30, 2001 and a certified copy of this section will be submitted to the state’s Board of Tax Commissioners, as provided by law. Said Cumulative Fund is subject to the approval of the state’s Board of Tax Commissioners.
(Ord. 2001-02, passed 4-30-2001)