(A) There is hereby established the Town Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Town Cumulative Capital Development Fund.
(C) The rate under division (B) above will be $0.05 per $100 assessed valuation.
(D) The funds accumulated in the Town Cumulative Capital Development Fund will be for any of the following statutory uses:
(1) I.C. 36-9-15-2 Cumulative Building Fund - Levees;
(2) I.C. 14-33-14-4 Cumulative Maintenance Fund - Channel Improvements;
(3) I.C. 36-8-14 Cumulative Firefighting, Building, Equipment, Police Radio Fund;
(4) I.C. 36-9-16-3 Cumulative Capital Improvement Fund;
(5) I.C. 36-9-16-5 Cumulative Street Fund;
(6) I.C. 36-9-17 General Fund;
(7) I.C. 36-9-26 Cumulative Building Fund - Sewers;
(8) I.C. 36-9-27-100 Cumulative Drainage Fund;
(9) I.C. 36-10-3-21 Cumulative Building Fund - Parks; and
(10) I.C. 36-10-4-36 Cumulative Sinking and Building Funds - Parks.
(E) The Town Cumulative Capital Development Fund is to be spent to provide for any governmental purpose deemed necessary.
(F) This fund takes effect upon approval by the State Board of Tax Commissioners.
(Ord. 2011-2, passed 7-5-2011; Ord. 2022-0217C, passed 2-17-2022)