(A) There is established a Municipal Cumulative Capital Development Fund.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Municipal Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed the following.
(1) $.15 per $100 assessed valuation for 1994.
(2) $.15 per $100 assessed valuation for 1995.
(3) $.15 per $100 assessed valuation for 1996.
(4) $0.05 per $100 assessed valuation for 2015.
(5) $0.05 per $100 assessed valuation for 2017.
(6) $0.05 per $100 assessed valuation for 2018.
(7) $0.05 per $100 assessed valuation for 2019.
(8) $0.05 per $100 assessed valuation for 2022, payable 2023.
(D) The funds accumulated in the Municipal Cumulative Capital Development Fund will be used for improvements described in I.C. 36-9-15.5.
(E) Notwithstanding division (D) above, funds accumulated in the Municipal Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D) above, 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 division 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.
(F) Expenditures from the Municipal Cumulative Capital Development Fund may be made only after an appropriation made in the manner provided by law for making other appropriations.
(G) This Fund takes effect upon approval of the Department of Local Government Finance.
(`81 Code, § 32.13) (Ord. 1812, passed 8-27-84; Am. Ord. 1887, passed 3-16-87; Am. Ord. 1986, passed 3-26-90; Am. Ord. 93-2103, passed 4-6-93; Am. Ord. 15-2763, passed 5-4-15; Am. Ord. 17-2817, passed 6-5-17; Am. Ord. 18-2831, passed 2-5-18; Am. Ord. 19-2855, passed 2-18- 19; Am. Ord. 22-2944, passed 4-4-22)