(A) There is hereby reestablished the Cumulative Capital Development Fund for all uses as set out in I.C. 36-9-15.5-2.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(C) In accordance with I.C. 36-9-15.5-6, the Fund will not exceed $0.05 on each $100 of assessed valuation. Said tax rate will be levied beginning with taxes for 2022 payable 2023.
(D) The Cumulative Capital Development Fund is reestablished until such time as the Fund is rescinded by City Council action.
(E) The funds accumulated in the cumulative capital development fund will be used for:
(1) Firefighting building and equipment;
(2) Purchasing, constructing, equipping and maintaining buildings for public purposes;
(3) Constructing and maintaining public ways or sidewalks;
(4) Acquisition of rights-of-way for public ways or sidewalks;
(5) Constructing, repairing or improving streets, alleys, sidewalks, curbs, gutters and sewers;
(6) Planning, erecting, remodeling, extensions and repair of sewage disposal plants, and sewer conveyances; and
(7) Building, remodeling and repairs of park and recreation facilities; purchase of land for park and recreation purposes.
(F) Notwithstanding division (E) above, funds accumulated in the 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. Money may be spent under the authority of this section only after the City Council President issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the Fund.
(Prior Code, § 2-406) (Ord. 96-08, passed 5-13-1996; Ord. 10-10, passed 7-12-2010; Ord. 22-20, passed 5-23-2022)
Statutory reference:
Cumulative capital development fund, see I.C. 36-9-15.5
Property tax levy, maximum tax rate, see I.C. 36-9-15.5-6