(A) There is hereby re-established the Cumulative Capital Development Fund (the “Fund”) for the town.
(B) An ad valorem tax levy will be imposed and the revenues from the levy will be retained in the Fund.
(C) The maximum rate of levy will not exceed $0.05 per $100 assessed valuation for 2022, payable in 2023.
(D) The funds accumulated in the Fund shall be used for any purpose permitted under I.C. 36-9-15.5.
(Ord. 2006-0002, passed 7-20-2006; Ord. 2017-005, passed 7-26-2017; Res. 2022-003, passed 4-21-2022)