(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.