The funds accumulated in the Cumulative Capital Development Fund will be used for the capital improvements as described in I.C. 36-9-15.5-8. Funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than purposes stated in I.C. 36-9-15.5-8, 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 which requires expenditure of the Fund.
(1995 Code, § 33.53) (Ord. 2-1993, passed 7-15-1993)