§ 34.04 CUMULATIVE CAPITAL DEVELOPMENT FUND.
   (A)   There is hereby re-established the town’s Cumulative Capital Development Fund.
   (B)   An ad valorem property tax levy will be imposed and revenues from the levy will be retained in the Cumulative Capital Development Fund.
   (C)    The funds accumulated in the Cumulative Capital Development Fund will be used for all statutorily authorized purposes under I.C. 36-9-15.5-2, and the Cumulative Capital Development Fund is re-established for the years 2021, 2022 and 2023 with the tax rate of $0.05 on each $100 of assessed valuation and as set forth in I.C. 36-9-15.5-6(b).
   (D)   (1)   Notwithstanding division (C) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) above if the purpose is to protect the public health, welfare, or safety in an emergency situation which demands immediate action.
      (2)   Money may be spent under the authority of division (D)(1) above only after the Town Council President issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money from the Fund.
(Ord. 2011-3, passed 4-19-2011; Ord. 2021-1, passed 1-19-2021)