a. There is hereby re-established and continued a Cumulative Capital Development Fund (CCDF) for the Town of Schererville.
b. An ad valorem property tax levy is to be imposed upon all taxable real and personal property within the taxing district of the Town of Schererville, with the property tax revenues collected from said levy to be retained and deposited into the Cumulative Capital Development Fund (CCDF) in conformance with applicable law.
c. That the maximum rates of levy for the Town of Schererville Cumulative Capital Development Fund (CCDF) will not exceed the following property tax rate as follows:
1. Five cents ($.05) per one hundred dollars ($100.00) of taxable real and personal property within the Town of Schererville assessed valuation, payable in 2022, and thereafter, continuing until reduced or rescinded.
2. Fifty (50) or more taxpayers in the taxing unit who will be affected by the tax rate and corresponding levy may file a Petition with the Lake County Auditor not later than noon, thirty (30) days after the publication of this notice, setting forth their objections to the proposed Cumulative Fund. Upon the filing of the petition, the County Auditor shall immediately certify the same to the Department of Local Government Finance, at which time, the Department will fix a date for and conduct a public hearing on the proposed Cumulative Fund before issuing its approval, disapproval, or modification thereof.
d. The Cumulative Capital Development Fund (CCDF) shall remain in full force and effect until said fund is rescinded, repealed or abolished in conformance with lawful procedures.
e. Funds collected and deposited into the Cumulative Capital Development Fund (CCDF) will be specifically used as permitted by the provisions of I.C. § 6-1.1-41 to provide money for any purposes for which property taxes may be imposed within the Town as authorized by I.C. § 36-9-15.5 for the following purposes, namely:
1. To construct such streets, alleys, sidewalks, or thoroughfares as required, and to maintain the same, and further, to fund any and all related purposes consistent thereto.
2. To purchase, lease or pay all or part of the purchase price of motor vehicles for the use of the Police and Fire Departments, or both, including ambulance and fire-fighting vehicles, with all necessary equipment.
3. Any and all other purposes allowed by I.C. § 36-9-15.5-2, as the same may be amended from time to time hereafter.
f. Notwithstanding the purposes set forth hereinabove for the use of the Town of Schererville Cumulative Capital Development Fund (CCDF) in this section, the property tax funds collected, deposited and accumulated in the Cumulative Capital Development Fund (CCDF) may be expended for purposes other than those specifically set forth herein if the purpose is to protect the public health, welfare or safety in an emergency situation which demands and requires immediate action. The Cumulative Capital Development Funds (CCDFs) of the Town may be utilized under the authority of this subsection only after the Town Council, as Legislative Body, and the Town Council President declare that the public health, welfare or safety is in immediate danger which requires the expenditure of Cumulative Capital Development Funds collected and accumulated for such emergency purposes.
(Ord. No. 1215, § 1, § 2, 9-9-92; Ord. No. 1734, §§ 1-6, 7-9-08; Ord. No. 1813, 3-28-12; Ord. No. 1837, §§ 1-6, 7-10-13; Ord. No. 1885, §§ 1-6, 7-13-16; Ord. No. 1936, § 3, 3-20-19; Ord. No. 1964, §§ 1-6, 3-10-21)