(A) There is hereby re-established and/or continued a Cumulative Capital Development Fund (CCDF) for the town.
(B) An ad valorem property tax levy will be imposed upon all taxable real and personal property within the taxing district of the town, with the property tax revenues collected from said levy to be retained and deposited into the CCDF in conformance with applicable law.
(C) The maximum rates of levy for the CCDF will not exceed $.05 per $100 of assessed valuation, payable in 2023, and thereafter.
(D) The CCDF shall remain in full force and effect until it is rescinded, repealed or abolished in conformance with applicable lawful procedures.
(E) The funds collected, deposited, and accumulated in the CCDF will be used for the following purposes:
(1) To construct such streets, alleys, sidewalks, or thoroughfares as required and to maintain the same, and further, to fund any and all related purposes consistent thereto;
(2) To purchase, lease, or pay all or part of the purchase price of motor vehicles for the use of the Police and Fire Departments, either, or including, ambulance and firefighting vehicles with all necessary equipment;
(3) Any and all other purposes allowed by I.C. 36-9-15.5-2.
(F) Notwithstanding the purposes for the use of the CCDF set forth in this section, the property tax funds collected, deposited and accumulated in the CCDF may be expended for purposes other than those purposes specifically set forth herein if the purpose is to protect the public health, welfare, or safety in an emergency situation that demands and requires immediate action. The CCDF funds of the town may be utilized under the authority of this division (F) only after the Town Council, as legislative body, and the Town Council President declare that the public health, welfare, or safety is in immediate danger that requires the expenditure of CCDF funds collected, deposited, and accumulated for such emergency purposes.
(Ord. 77, passed 7-18-2000; Am. Ord. 192, passed 7-29-2010; Am. Ord. 295, passed 2-26-2019; Am. Ord. 304, passed 2-25-2020; Am. Ord. 315, passed 3-9-2021; Am. Ord. 327, passed 4-12-2022)