(A) A City of Washington Cumulative Capital Development Fund is established.
(B) An ad valorem property tax levy will be imposed and the revenue from the levy will be retained in the Cumulative Capital Development Fund.
(C) The maximum rate for a levy under division (B) shall not exceed $.0500 per $100 assessed valuation for the taxes levied beginning with taxes 2017 payable 2018.
(D) The funds accumulated in the Cumulative Capital Development Fund shall be used as specified and as specifically provided in I.C. 36-9-15.5, and shall be specifically designated by the Common Council as it deems fit and advises to spend the Capital Development Funds as set forth:
(1) For capital improvements, as described in I.C. 36-8-14, regarding firefighting, building, equipment and police radio equipment;
(2) For capital improvements, as described in I.C. 36-9-4-48, regarding public transportation;
(3) For capital improvements, as described in I.C. 36-9-16-2, regarding the erection of buildings;
(4) For capital improvements, as described in I.C. 36-9-16-3, regarding expenditures for general cumulative capital improvement projects;
(5) For capital improvements, as described in I.C. 36-9-16.5 et seq., regarding expenditures for public streets, thoroughfares, sidewalks, and the like;
(6) For capital improvements, as described in I.C. 36-9-17 et seq., regarding expenditures for the general improvement fund as provided;
(7) For capital improvements, as described in I.C. 36-9-27-100, regarding capital improvements in drainage facilities;
(8) For capital improvements, as described in I.C. 36-19-3-21, regarding capital improvements in the park system; and
(9) For capital improvements, as described in I.C. 36-10-1-4, regarding improvement and capital expenditures for structural/building improvements in the park system.
(E) The Common Council shall designate the specific use of funds as the Council deems fit, necessary and proper, and in accordance with I.C. 35-9-15.5, for the designation of the use of the Capital Improvements Funds as specifically set forth.
(F) Notwithstanding division (D) of this section, funds accumulated in the City Cumulative Capital Development Fund may be spent for purposes other than the purpose stated and specified in division (D) if the purpose is to protect the public health, welfare and safety in an emergency situation which demands immediate action. Tax monies obtained from the levy pursuant to I.C. 36-9-15.5 may be expended under the authority of this section only after the Mayor issues a declaration that the public health, welfare and safety is in immediate danger that requires the expenditure of money in the Fund.
(Prior Code, § 34.01) (Ord. 12-2012, passed 7-23-2012; Am. Ord. 11-2017, passed 5-22-2017)