§ 34.55 THE TWENTY-FIRST CENTURY FUND.
   (A)   Fund established; use. Pursuant to the provisions of I.C. 36-9-17-1 et seq., a fund known as the general improvement fund is established which shall be used to construct, repair, or improve streets, alleys, sidewalks, curbs, gutters and sewers.
(1992 Code, § 3.04.010)
   (B)   Sources.
      (1)   The fund shall consist of the following:
         (a)   The special assessments collected under this chapter for benefits to property from constructing, repairing, or improving streets, alleys, sidewalks, curbs, gutters, and sewers;
         (b)   Any appropriations made from the general fund of the city or from taxes levied by the City Council for the purposes of constructing, repairing, or improving streets, alleys, sidewalks, curbs, gutters, and sewers.
      (2)   Special assessments collected by the City Council under any provisions other than this section may not be deposited in the fund.
(1992 Code, § 3.04.020)
   (C)   Tax levy designated. To provide for the general improvement fund, the City Council shall levy an annual tax on all taxable property within the city upon approval of the tax by the state board of tax commissioners as provided by I.C. 36-9-17-5.
   (D)   Limitation on fund. Notwithstanding any other provision of this chapter, the aggregate sum that may be appropriated and levied under this chapter, including emergency appropriations as authorized by the Indiana Code may not exceed the equivalent of $.50 on each $100 net taxable valuation of property in the city. Monies deposited into the fund shall be appropriated and used solely for capital improvements. The term capital improvement shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(1992 Code, § 3.04.040)
   (E)   Disbursements. Disbursements may be made from the general improvement fund for any purpose only if benefits are to be assessed against the properties benefitted in the manner provided by the street and sewer improvement statutes of the Indiana Code.
(1992 Code, § 3.04.050)
   (F)   Letting of contracts; assessments.
      (1)   Contracts for public improvements authorized by this chapter shall be let according to the Indiana Code provisions authorizing the city to made and finance public improvements.
      (2)   As soon as any contract for the construction of a public improvement under this chapter has been let, the city shall:
         (a)   Carefully compute the entire cost of the project, including payments made and to be made to the contractor, and all incidental costs, expenses, and damages paid and incurred according to law; and
         (b)   Prepare an assessment roll listing the assessments against the properties benefitted.
      (3)   In determining and fixing the amount of assessments, the giving of notice of assessments, the holding of public hearings, and the making of final determinations, subject to the right of appeal from those determinations, the city is governed by the street improvement statutes of the Indiana Code.
(1992 Code, § 3.04.060)
   (G)   Payments.
      (1)   Assessments made under this section are liens on the properties benefitted from the time of the letting of the contract.
      (2)   All payments of the assessments and all payments made by the city for public improvements under this chapter shall be made into the general improvement fund.
(1992 Code, § 3.04.070) (Ord. 1118, passed 8-3-1965)