(A) The Town of Paoli Cumulative Capital Development Fund is hereby established, for all uses and adhering to all provisions as set out in I.C. 36-9-15.5 and I.C. 6-1.1-41.
(B) The proposed fund will not exceed:
(1) $0.016 per $100 of assessed valuation beginning with taxes payable in 2003;
(2) $0.033 per $100 of assess valuation taxes payable in 2004; and
(3) $0.0167 per $100 of assessed payable in 2005;
(4) $0.0333 per $100 of assessed payable in 2006; and
(5) $0.0500 per $100 of assessed valuation payable in 2007 and thereafter, continuing until reduced or rescinded.
(C) The funds accumulated in the Town of Paoli Cumulative Capital Development Fund will be used by emergency services only for the purpose of other than regular maintenance and operating expenses.
(Ord. 2002-05, passed 7-30-02; Am. Res. 2004-05, passed 7-6-04)