(A) There is hereby re-established for the city, the Woodburn Cumulative Capital Development Fund pursuant to and in accordance with Chapter 15.5 of Public Law 44-1984 of the Acts of the 1984 Indiana General Assembly (I.C. 36-9-15.5).
(B) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Woodburn Cumulative Capital Development Fund.
(C) The maximum rate of levy under division (B) will not exceed:
(1) .05 per $100 assessed valuation for 1995.
(2) .05 per $100 assessed valuation for 1996.
(3) .05 per $100 assessed valuation for 1997.
(D) The funds accumulated in the cumulative capital development fund will be used for any purposes for which property taxes may be imposed within the municipality under the authority of I.C. 36-9-16-2 (cumulative building fund), I.C. 36-9-16-3 (cumulative capital improvement fund), I.C. 36-9-16-5 (cumulative street fund), I.C. 36-9-17 (general improvement fund), and I.C. 36-9-26 (cumulative building fund - sewers) including renovations of present City Hall and/or the purchase and/or building for a new City Hall.
(E) Notwithstanding division (D), funds accumulated in the cumulative capital development 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 section only after the Mayor issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
(F) Upon passage hereof these acts are to be presented to the State Board of Tax Commissioners for approval and this re-establishment takes effect upon approval by the State Board of Tax Commissioners.
(Ord. G-84-1012, passed 8-27-84; Am. Ord. G-85-1017, passed 8-5-85; Am. Ord. G-88-1026, passed 6-6-88; Am. Ord. G-91-1051, passed 5-6-91; Am. Ord. G-94-1069, passed 7-25-94; Am. Ord. G-14-1316, passed 6-30-14)