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Sample ordinance to establish a Cumulative <br />Capital Development Fund <br />WHEREAS. lC 36-9-15.5 allows mumcipalities to establish a Cumulative Capital Development Fund; and <br /> <br />WHEREAS. the (city or town) of (city/town name) finds that such a fund is necessary and prudent for the financial well being <br /> of the municipality; <br /> <br />NOW THEREFORE. BE IT ORDAINED BY TH~ (City Council/Town Council) of (city/town name) <br /> <br />SECTION I. That there is hereby estabhshed the ~c~ty/town name) Cumulative Capital Development Fund. <br /> <br />SECTION 2. That an ad valorem property, tax levy will be imposed and the revenues from the levy will be retained in the <br /> (city/town name) Cumulative Capital Development Fund. <br /> <br />SECTION 3. That the maximum rate of levy under SECTION 2 will not exceed: <br />a. (.04/.05) per $I00 Assessed Valuation for 1996 <br />b. (.08/.10) per $100 Assessed Valuation for 1997 <br />c. (. 12/. 15) per $100 Assessed Valuation for 1998 and thereafler. <br /> <br />NOTE: Select the rate which applies ~CAGIT/COIT counties may use 15 cents). <br /> <br /> SECTION 4. That the (city/town namcl Cumulative Capibal Development Fund is established until such time as the fund is <br /> rcscindcd. <br /> <br /> SECTION 5. That the funds accumulated m the (city/town name) Cumulative Capital Development Fund will be used for **(see Note 2). <br /> <br /> SECTION 6. Notwithslanding SECTION 4. funds accumulated in the (city/town name) Cumulative Capital Development <br /> Fund mav be spent for purposes other than the purposes stated in SECTION 4, ffthe pu.qx~se is to protect the public <br /> health, v~elfare or safety in an emergency situation which demands immediate action. Money may be spent tm. der the <br /> authority of this section only after thc (~ayor/Town Council President) issues a declaration that the public health, welfare <br /> of safety is in immediate danger that rcqmrcs thc expenditure of money in the fund. <br /> <br /> SECTION 7. This fund takes effect upon approval of the State Board of Tax Commissioners. <br /> <br /> Note 1: Insert specific reference to cumulattve fund statute(s)for which the municipality wishes to use CCD fund. Include a <br /> reference to the general title or use that fund is intended. <br /> Example I: for capital improvements as descrtbed in lC 36-9-16-2 or IC 36-9-16-3. <br /> l£xample 2: Jbr the improvement ¢,/ pubhc wa~:~' and sidewalks as described in IC 36-9-16.5-2. <br /> <br /> See previous page for a complete list of available uses. <br /> <br /> 1996 Budget B#l!ettn. page 12 <br /> <br /> <br />