(A) There is hereby re-established an Town Cumulative Capital Development Fund.
(B) An valorem property tax levy will be imposed and the revenues from the levy will be retained in the Town Cumulative Capitol Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed $0.15 per $100 of assessed valuation for 1994 payable 1995, $0.15 per $100 of assessed valuation for 1995 payable 1996, and $0.15 per $100 of assessed valuation for 1996 payable 1997.
(D) The Town Cumulative Capital Development Fund is re-established for the years 1994, 1995 and 1996.
(E) The funds accumulated in the Town Cumulative Development Fund will be used for acquisition of real property and the construction, enlarging, improving, remodeling, repairing and equipping of municipally owned buildings, streets, sidewalks, drains, recreation areas, utility lines and systems to the extent permitted under the following:
(1) I.C. 36-8-14 Cumulative Firefighting Building, Equipment and Police Fund;
(2) I.C. 36-9-16-2 Cumulative Buildings;
(3) I.C. 36-9-16-3 Cumulative Capital Improvement;
(4) I.C. 36-9-17 General Improvement;
(5) I.C. 36-9-26 Cumulative Building Fund-Sewer; and
(6) I.C. 36-10-4-36 Cumulative Sinking and Building Fund-Park; and, any ancillary use permitted by any of the foregoing statutes.
(F) Notwithstanding division (E) above, funds accumulated in the town’s Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E) above, if the purpose is to protect the public health, welfare of safety in an emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Town Council and President issues a declaration that the public health, welfare and safety is in immediate danger that requires the expenditure of money in the fund.
(G) This fund takes effect upon approval of the State Board of Tax Commissioners.
(Ord. 136, passed 6-13-1994)