(A) There is established a town Cumulative Firefighting Building and Equipment Fund under I.C. 36-8-14.
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the town’s Cumulative Firefighting Building and Equipment Fund.
(C) The proposed rate will not exceed $0.0333 on each $100 of assessed valuation. Further, that said tax rate will be levied beginning with taxes for Y2016 payable Y2017.
(D) The funds accumulated in the town’s Cumulative Firefighting Building and Equipment Fund will be used for those purposes established and allowable.
(E) Notwithstanding division (D) above, funds accumulated in the town’s Cumulative Firefighting Building and Equipment Fund may be spent for purposes other than the purposes 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 division only after the Town 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.
(F) This Fund takes effect upon approval of the State Board of Tax Commissioners.
(Ord. 78, passed 7-18-2000; Am. Ord. 78 A, passed 7-16-2002; Am. Ord. 78-B, passed 6-28-2016)