(A) There is hereby re-established the Town Cumulative Capital Development Fund.
(2005 Code, § 32.01)
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Town Cumulative Capital Development Fund.
(2005 Code, § 32.02)
(C) The maximum rate of levy under division (B) above will not exceed $0.15 per $100 assessed valuation for 1999 and thereafter.
(2005 Code, § 32.03)
(D) The Town Cumulative Capital Development Fund is re-established until such time as the Fund is rescinded.
(2005 Code, § 32.04)
(E) The funds accumulated in the Town Cumulative Capital Development Fund will be used for:
(1) Cumulative capital firefighting, ambulance, police building, equipment, as described in I.C. 36-8-14;
(2) Cumulative capital building, as described in I.C. 36-9-16-2;
(3) Cumulative capital improvement, as described in I.C. 36-9-16-3;
(4) Cumulative capital street, as described in I.C. 36-9-16.5;
(5) Cumulative capital general improvement, as described in I.C. 36-9-17; and
(6) Cumulative capital building park, as described in I.C. 36-10-3-21.
(2005 Code, § 32.05)
(F) (1) Notwithstanding division (E) above, funds accumulated in the Town 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.
(2) Money may be spent under the authority of this section only after the Town Council President issues a declaration that the public health, welfare and safety is in immediate danger that requires the expenditure of money in the Fund.
(2005 Code, § 32.06)
(G) This Fund takes effect upon approval of the State Board of Tax Commissioners.
(2005 Code, § 32.07)
(Ord. 1998-5, passed - -1998)