(A) Fund established. The city hereby re-establishes the Cumulative Capital Development Fund beginning in the year 2014.
(1992 Code, § 3.42.010)
(B) Ad valorem property tax levy. The ad valorem property tax levy will continue with the revenues from the levy being retained in the city’s Cumulative Capital Fund.
(1992 Code, § 3.42.020)
(C) The maximum rate of levy under division (B) will not exceed $0.05 per $100 of assessed valuation each year.
(D) Fund accumulation. The funds accumulated in the cumulative capital development fund will be used for capital improvements as described in I.C. 36-9-15.5, I.C. 36-9-16-5, I.C. 36-9-17-3, I.C. 36-8-14, I.C. 36-9-26, I.C. 36-10-3-21, and I.C. 36-9-27-99.
(1992 Code, § 3.42.040)
(E) Limitation of fund. Notwithstanding division (D) above, funds accumulated in the cumulative capital development fund may be spent for purposes other than the purposes stated in division (D), if the purpose is to protect the public health, welfare or safety in an emergency situation which 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.
(1992 Code, § 3.42.050) (Ord. 1984-7, passed 6-9-1984; Am. Ord. 1987-2, passed 4-13-1987; Am. Ord. 1990-1, passed 6-12-1990; Am. Ord. 2013-4, passed 5-21-2013)