(A) (1) There hereby is established a Cumulative Capital Development Fund for the town, in accordance with Acts 1984, PL 44. An ad valorem property tax levy will be imposed and revenues from the levy retained in the Cumulative Capital Development Fund. The rate of levy shall be in the amount as established by ordinance of the Town Council for the indicated tax year.
(2) Funds accumulated in the Cumulative Capital Development Fund will be used for the purposes of a General Improvement Fund. However, those funds may be expended for other purposes to protect the public health, safety and welfare in an emergency which demands immediate action if the Town Council President has issued a declaration that the public health, safety or welfare is in immediate danger that requires the expenditure of money in the fund.
('85 Code, § 2-7-6) (Ord. passed 8-28-84; Am. Ord. 2012-6-1, passed 6-14-12; Am. Ord. 2012-7-1, passed 7-26-12)
(B) There hereby is established a Cumulative Capital Development Fund for all uses as set out in IC 36-9-15.5.
(Am. Ord. 2019-4, passed 3-11-19)