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FUNDS
(A) There is established a fund to be known as the General Improvement Fund.
(B) This fund shall be used as a fund to pay for the construction, repair or improvement of streets, alleys, sidewalks, curbs, gutters and sewers.
(C) This fund shall consist of funds realized from the collection of all special assessments for benefit to property from the construction, repair or improvement of streets, alleys, sidewalks, curbs, gutters and sewers, together with any appropriation made from the General Fund of the city, or from taxes levied by the Common Council for such purposes; provided, however, that no money received from the collection of special assessments assessed for benefits to property under provisions of the Barrett Law and special assessments as are now or may hereafter be provided by law shall be deposited in this fund, except as otherwise provided by state law.
(D) The aggregate sum which will be appropriated or levied shall not exceed the equivalent of $.50 on each $100 net taxable valuation of the real and personal property in the city.
('79 Code, § 2-1)
Statutory reference:
General Improvement Fund, see I.C. 36-9-17-1 et seq.
(A) There is established a special fund to be known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to the city by state law shall be deposited. This fund shall be a cumulative fund and all of the monies deposited into the fund shall be appropriated and used solely for capital improvements, and none of such monies shall revert to the General Fund of the city or be used for any purposes other than capital improvements.
(B) For the purpose of this section, the following definition shall apply.
CAPITAL IMPROVEMENTS. The construction or improvement of any property owned by the city, including but not limited to streets, thoroughfares and sewers and the retirement of the city's general obligation bonds, and the proceeds used for the purpose of constructing capital improvements; it shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
('79 Code, § 2-2) (Ord. 311, passed 5-11-65)
Statutory reference:
Cumulative Capital Improvement Fund required, see I.C. 6-7-1-31.1
Allocation of monies by state to city, see I.C. 6-7-1-30.1
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