There is hereby created and established a General Improvement Fund, as authorized under I.C. 36-9-37-46. The purpose of such Fund is to establish a permanent revolving fund to be used for financing public improvements which are to be paid for by special assessments. Accounting for the financing of public improvements handled through this revolving fund requires the use of the regular Barrett Law forms that are applicable. The Town Council is hereby authorized to fix the time within which assessments shall be paid, which time shall not extend beyond a period of five years. The aggregate sum which may be appropriated and levied shall not exceed the equivalent of $0.50 on each $100 of net taxable valuation. All collections on such assessments shall be receipted to the General Improvement Fund and all portions of such costs as shall be assumed by the Town of public improvement projects shall also be receipted to this Fund, thus making the General Improvement Fund self-sustaining. The Town Council, upon establishing the assessment, may also determine interest rates, not to exceed 12%, and penalties, not to exceed 10%, and all such interest and penalties collected on assessment are to be receipted to the Town General Fund.
(2005 Code, § 31.01)