(A) There is hereby established a Town Cumulative Capital Development Fund (hereafter known as the Fund).
(B) An ad valorem property tax levy will be imposed at $.50 per $100 of assessed valuation, and the revenues from the Fund will be retained in the Fund for purposes as set forth in IC 36-9-15.5-2.
(C) It is the plan of the town that the funds accumulated in the Fund will be appropriated according to state law:
IC 8-16-3 Cumulative Bridge Fund
IC 36-8-14 Cumulative Firefighting Building, Equipment, Police Radio Fund
IC 36-9-16-2 Cumulative Building Fund
IC 36-9-16-3 Cumulative Capital Improvement Fund
IC 36-9-16.5 Cumulative Street Fund
IC 36-9-17 General Improvement Fund
IC 36-9-26 Cumulative Building Fund - Sewers
IC 36-9-27-100 Cumulative Drainage Fund
IC 36-10-3-21 Cumulative Building Fund - Parks
IC 36-10-4-36 Cumulative Sinking and Building Fund - Parks
(E) Notwithstanding the specificity of division (D), the Fund may be spent for purposes other than those 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 Town Council President issues a declaration that the public health, welfare, and safety is in immediate danger and requires the expenditure of money in the Fund.
(Ord. 84-2, passed 7-2-84; Am. Ord. 84-3, passed 8-20-84; Am. Ord. 85-1, passed 6-3-85; Am. Ord. 1988-2, passed 4-25-88; Am. Ord. 1991-4, passed 6-10-91; Am. Ord. 1994-7, passed 7-11-94; Am. Ord. 2010-2, passed 6-14-10)