(A) Pursuant to the provisions of I.C. 36-9-15.5-1 et seq., the City Cumulative Capital Development Fund is hereby created.
(B) The City Cumulative Capital Development Fund shall be funded as follows:
(1) An ad valorem property tax levy is hereby imposed on all taxable property within the corporate limits of the city.
(2) The maximum ad valorem property tax levy which may be imposed pursuant to division (B)(1) above shall be set by the Common Council.
(3) Any and all revenues generated through the ad valorem property tax levy shall be retained in the City Cumulative Capital Development Fund.
(C) The Common Council shall have the authority to reduce or rescind the ad valorem property tax levy referred to in division (B) above.
(D) Any and all funds retained in the City Cumulative Capital Development Fund shall be used for the following:
(1) For the construction, maintenance and repair of bridges, approaches and grate separations;
(2) To provide for the erection of levees, gates and pumping stations or other similar facilities which are necessary for the addition or improvement of levees;
(3) For flood prevention and control; for the improvement of drainage; to provide for irrigation; for the providing of water (including treatment and distribution for domestic, industrial and public use); and for the collection, treatment and disposal of liquid waste;
(4) For the development of forests, wild life areas, parks and recreation facilities, where feasible, in connection with beneficial water management.
(5) For the prevention of injurious water erosion, and the storage of water for augmentation of stream flow;
(6) For the operation, maintenance and improvement of any work or improvement for water based recreation.
(7) To purchase, construct, equip and maintain buildings for municipal purposes; and to acquire the land and any improvements thereon which are necessary for the construction of municipal buildings.
(8) To demolish any improvement on any land where required for the purpose of constructing municipal buildings;
(9) To acquire land or rights-of-way to be used as a public way or other means of ingress or egress to land acquired for construction of a municipal building.
(10) To improve or construct any public way or other means of ingress or egress to land acquired for the construction of a municipal building.
(11) To acquire land or rights-of-way to be used for public ways or sidewalks; to construct and maintain public ways or sidewalks; to acquire land or rights-of-way for the construction of sanitary or storm sewers, or both; to construct and maintain sanitary or storm sewers, or both; to acquire, by purchase or lease, or to pay all or part of the purchase price of a utility; to purchase or lease land, buildings or rights-of-way for use of any utility that is acquired or operated by the municipality; to purchase or acquire land, with or without buildings, for park or recreational purposes; to purchase, lease or pay all or part of the purchase price of motor vehicles for the use of the Police or Fire Department, or both, including ambulances and firefighting vehicles with the necessary equipment ladders and hoses; to retire in whole or in part any general obligation bonds of the municipality that were issued for the purpose of acquiring or constructing improvements or any property described herein; and to purchase or lease equipment and other non-consumable personal property needed by the municipality for any public transportation use;
(12) For the planning, erection, remodeling, extension and repair of sewage disposal plants and sewers to convey sanitary sewage to the plants; the construction remodeling, repair and extension of storm sewers, relief sewers and drains of the sanitary sewer system or storm sewers; and for the payment of the city’s part of the costs of any public sewer or drainage project which:
(a) Lies partly or wholly within the corporate limits of the city, or;
(b) Aids or is connected to the sewage collection or drainage system of the city;
(13) For all uses as set out in I.C. 36-9-15.5.
(Ord. 591, passed 9-6-1984)
(E) The funds accumulated in the Cumulative Capital Development Fund shall be used for any purpose for which property taxes may be imposed within the city under the authority of I.C. 36-9-15.5-2, and the statutory citations listed thereunder.
(F) Notwithstanding divisions (D) and (E) above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in divisions (D) and (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 division only after the Mayor issues a declaration that the public health, welfare or safety is an immediate danger that requires the expenditure of money in the Fund.
(Ord. 738, passed 7-7-1993; Am. Ord. 1173, passed 3-1-2021)