(A) The city of Union City hereby re-establishes the Cumulative Capital Development Fund beginning in the year 2011.
(B) The ad valorem property tax levy will continue with the revenues from the levy being retained in the Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) of this section will not exceed $.05 per $100 of assessed valuation each year.
(D) The funds accumulated in the Cumulative Capital Development Fund will be used for:
(1) Capital improvements as described in I.C. 36-9-16-2.
(2) Capital improvements as described in I.C. 36-9-16-3.
(3) Capital improvements as described in I.C. 36-9-16.5-2.
(4) Capital improvements as described in I.C. 36-9-17.
(5) Capital improvements as described in I.C. 36-10-3-21.
(E) Notwithstanding division (D) of this section, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (D), 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 Mayor issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
(F) This fund takes effect upon approval of the Department of Local Government Finance.
(Ord. 2010-09, passed 7-26-10)