(A) There shall be established a Cumulative Capital Development Fund.
(B) An ad valorem property tax levy shall be imposed and the revenues from the levy shall be retained in the Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) above will not exceed $0.05 per $100 assessed valuation.
(D) The Cumulative Capital Development Fund is reestablished for the year 2008 and thereafter.
(E) The funds accumulated in the Cumulative Capital Development Fund will be used for the improvement of public ways and sidewalks as described in I.C. 36-9-16.5-2.
(F) Notwithstanding division (E) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (E) 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 section only after the Town Council President issues a declaration that the public health, welfare, or safety is in immediate danger that requires the expenditure of money in the Fund.
(Ord. 08-01-01, passed 7-8-2008)