(A) The proper legal offices of the town after complying with the statutes pertaining to the establishment of a cumulative fund, establishes the Cumulative Fund, pursuant to I.C. 36-9-15.5. An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the town's Cumulative Capital Development Fund.
(B) This Fund is to be used for any one or all purposes for which property taxes may be imposed within the municipality under the authority of:
(1) I.C. 8-16-3-1, authorizing any and all improvements to the railroad grade crossings;
(2) I.C. 8-22-3-25b, establishing the Cumulative Building Fund;
(3) I.C. 14-32-5-1 et seq., authorizing soil and land conservation;
(4) I.C. 16-23-1-40, authorizing the Cumulative Hospital Building Fund;
(5) I.C. 36-8-14, authorizing the Cumulative Firefighting Building and Equipment Fund;
(6) I.C. 36-9-4-486, authorizing the Cumulative Transportation Fund;
(7) I.C. 36-9-16-3:
(a) To acquire land or rights-of-way to be used for public ways or sidewalks;
(b) To construct and maintain public ways or sidewalks;
(c) To acquire land or rights-of-way for the construction of sanitary or storm sewers, or both;
(d) To construct and maintain sanitary or storm sewers or both;
(e) To acquire, by purchase or lease, or to pay all or part of the purchase price of a utility;
(f) To purchase or lease land, buildings or rights-of-way for the use of any utility that is acquired or operated by the town;
(g) To purchase or acquire land, with or without buildings, for park or recreation purposes;
(h) To purchase, lease or pay all or part of the purchase price of motor vehicles for the use of any combination of the police, a community corrections program, or the fire department, including ambulances and firefighting vehicles with the necessary equipment, ladders and hoses.
(i) To retire in whole or in part any general obligation bonds of the unit that were issued for the purpose of acquiring or constructing improvements or properties that would qualify for the use of cumulative capital improvement funds;
(j) To purchase or lease equipment or nonconsumable property needed by the unit for any public transportation use; and
(k) To purchase or lease equipment to be used to illuminate public ways or sidewalks.
(8) I.C. 36-9-16.5, authorizing the Cumulative Street Fund;
(9) I.C. 36-9-17, authorizing the General Improvement Fund;
(10) I.C. 36-9-26, authorizing the Cum- ulative Building Fund for Sewers;
(11) I.C. 36-9-27-99, authorizing the Cum- ulative Drainage Fund;
(12) I.C. 36-10-3-21b, authorizing the Cum- ulative Building Fund; or
(13) I.C. 36-10-4-36b, authorizing the Cum- ulative Building and Sinking Fund.
(C) Pursuant to I.C. 36-9-15.5-8, these funds may also be used to protect the public health, welfare or safety of the town or its members in an emergency situation that demands immediate action or to make a contribution to an authority established under I.C. 36-7-23.
(D) The town adopts an ad valorem property tax levy as set by Council each year.
(E) This section for establishing a Cumulative Capital Development Fund and a tax levy for same is approved and adopted yearly. This fund takes effect upon approval of the State Board of Tax Commissioners.
(`93 Code, § 2-116) (Ord. 512, passed 10-28-91; Am. Ord. 95-617, passed 4-24-95; Am. Ord. 2001-002, passed 3-12-01)