§ 32.09 CUMULATIVE CAPITAL DEVELOPMENT FUND.
   (A)   A need now exists for the establishing of a Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5. The Town Council will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will not exceed $.05 per $100 of assessed valuation.
   (B)   The town’s Cumulative Capital Development Fund shall be funded, each year, by levying a tax, in compliance with I.C. 6-1.1-41, on the taxable property in the town at the maximum property rate of $.05 per $100 of assessed valuation as authorized by and pursuant to I.C. 36-9-15.5-6(b) beginning with taxes assessed in 2022, payable in 2023.
(Ord. 339, passed 7-21-08; Am. Ord. 382, passed 3-21-16; Am. Ord. 405, passed 4-16-18; Am. Ord. 420 (2020-1), passed 6-29-20; Am. Ord. 2021-1, passed 3-15-21; Am. Ord. 2022-2, passed 4-18-22)