(A) There is hereby established for the years 2004 through 2006 and thereafter, the Rising Sun 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 Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) of this section will not exceed: $0.05 on each $100 of assessed valuation with the tax rate beginning with taxes for 2023 payable 2024 and thereafter, continuing until reduced or rescinded.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for all uses as set out in I.C. 36-9-15.5.
(Ord. 1994-03, passed 7-7-94; Am. Ord. 2004-8, passed 7-22-04; Am. Ord. 2013-4, passed 6-18-13; Am. Ord. 2023-6, passed 5-4-23)