(A) The Common Council hereby establishes a Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5. This Board will adhere to the provisions of I.C. 36-9-15.5. The proposed fund will not exceed $.05 on each $100 of assessed valuation. The tax rate will be levied beginning with taxes for 2023 payable 2024.
(B) The Common Council hereby re-establishes the Cumulative Capital Development Fund beginning in the year 2014. Notwithstanding division (A), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than those stated therein, if the purpose is to protect the public health, welfare or safety in an emergency situation that demands immediate action. Money may be spent under the authority of this section 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. This fund takes effect upon approval of the Department of Local Government Finance.
(Ord. 07-2005, passed 7-26-05; Am. Ord. 07-2013, passed 6-7-13; Am. Res. 02-2023, passed 3-28-23)