(A) Fund established; use. Pursuant to the provisions of I.C. 36-8-14-1 et seq., a fund known as the “Building or Remodeling, Firefighting and Police Radio Equipment Fund” is established. The Fund shall be used only for the purchase, construction, renovation or addition to buildings used by the Fire Department and for the purchase of firefighting equipment and police radio equipment.
(B) Tax levy designated.
(1) To provide for the Cumulative Building and Equipment Fund, the Town Council shall levy an annual tax on all taxable property within the town upon approval of the tax by the State Board of Tax Commissioners, as provided by I.C. 36-8-14-4.
(2) The tax rate may not exceed $.10 on each $100 of assessed valuation of property in the town.
(1984 Code, Chapter 3.08)