(A) There is hereby established the city's General Improvement Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from it will be retained in the fund.
(C) The maximum rate of levy under division (B) above will not exceed:
(1) .04 per $100 assessed valuation for 1993;
(2) .08 per $100 assessed valuation for 1994;
(3) .12 per $100 assessed valuation for 1995.
(D) The money accumulated in the fund will be used to construct, repair or improve streets, alleys, sidewalks, curbs and gutters.
(E) Notwithstanding division (C) above, money accumulated in the fund may be spent for purposes other than the purposes stated in division (D) above, if the purpose is to protect the public health, welfare or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this division only after the Mayor issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
(Ord. 1992-4, passed 7-30-92)