(A) A need now exists for the reestablishment of the Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5.
(B) The Common Council and city will adhere to the provisions of I.C. 36-9-15.5, and the proposed fund will not exceed $0.0500 on each $100 of assessed valuation and said tax rate will be levied beginning with taxes for 2020 payable in 2021.
(C) Proofs of publication of the public hearing held on February 18, 2020, and a certified copy of this section shall be submitted to the Department of Local Government Finance of the state as provided by law and this Cumulative Fund is subject to the approval of the Department of Local Government Finance.
(Ord. 10-2020, passed 2-18-2020)