(A) Establishment. There is hereby established a Cumulative Capital Development fund for the county.
(1982 Code, § 24.01)
(B) Use of funds. The funds accumulated in the Cumulative Capital Development Fund shall be used for the following purposes as authorized pursuant to the following authorities:
(1) Cumulative Building or Sinking Fund and Cumulative Capital Development Fund (I.C. 36-9-16-2 and I.C. 36-9-16-3);
(2) Cumulative Building Fund for County Court House (I.C. 36-9-14);
(3) Cumulative Bridge Fund (I.C. 8-16-3);
(4) Cumulative Building Fund, Sinking Fund and Debt Service Fund for Certain Law Enforcement Purposes (I.C. 36-9-15-5); and
(5) Voting System Purchase Fund (I.C. 3-11-6-9).
(1982 Code, § 24.02)
(C) Tax levy. Pursuant to a resolution of the Board of Commissioners adopted at public meeting following a public hearing on 10-28-1992, the Board of Commissioners approved a plan calling for the imposition of a property tax levy for a period of three years at the rate of $0.10 per $100 of assessed valuation with the funds raised by such taxes to be used for the purposes set forth in division (B) above.
(1982 Code, § 24.03)
(D) Levy to provide revenue. An ad valorem property tax levy must be approved by County Council to provide revenues to fund the Cumulative Capital Development Fund in accordance with I.C. 36-9-14.5.
(1982 Code, § 24.04)
(E) Emergency use of funds. Notwithstanding divisions (B) and (C) above, money held in the cumulative capital development fund may be spent for purposes other than the purposes set forth in divisions (B) and (C) above, 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 section only after the Board of Commissioners issues a declaration that the public health, welfare or safety is in immediate danger requiring the expenditure of money in the fund.
(1982 Code, § 24.05)
(F) Effective date. The establishment of this fund is subject to and shall take effect subject to the approval of the State Board of Tax Commissioners.
(1982 Code, § 24.06)
(G) Name of fund. The fund shall be known as the “Wayne County Cumulative Capital Development Fund”.
(1982 Code, § 24.07)
(Ord. passed 10-28-1992)