HomeMy WebLinkAboutD-1152 Re-Estab. Cum Cap FundAN ORDINANCE RE-ESTABLISHING THE CULULATIVE
CAPITAL SEWER FUND FOR THE CITY OF CARMEL, INDIANA
AND ESTABLISHING A TAX RATE FOR SAID FUND
WHEREAS, IC-36-9-15.5 allows municipalities to establish and
continue a Cumulative Capital Sewer Fund; and
WHEREAS, the City of Carme1, Indiana finds that such a fund is
necessary to re-establish and prudent for the financial well being
of the municipality;
NOW THEREFORE, BE IT ORDAINED BY THE CITY OF CARMEL
SECTION 1. That there is hereby re-established the City of
Camel Cumulative Capital Sewer Fund.
SECTION 2. That an ad valorem property tax levy will be
imposed and the revenues from the levywill be retained in the City
of Carmel Cumulative Capital Sewer Fund.
SECTION 3. That the maximumrate of levy under SECTION 2 will
not exceed $.05 per $100 Assessed Valuation.
SECTION 4. That the City of Carme1 Cumulative Capital Sewer
Fund is re-established for the years, 1996, 1997, 1998.
SECTION 5. That the funds accumulated in the City of Carme1
Cumulative Capital Sewer Fund will be used for the planning,
erection, remodeling, extension and repair of storm sewers. To
construct relief sewers and drains in aid of the storm sewers. The
payment of the City's part of the costs of any public storm sewer
or drainage project that lies partly or wholly within the City and
aids or is connected to the drainage system of the City.
SECTION 6. Notwithstanding SECTION 4, funds accumulated in
the City of Carmel Cululative Capital Sewer Fund may be spent for
the purposes other than the purposes stated in SECTION 4, 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 City
Council issues a declaration that the public health, welfare and
safety is in immediate danger that requires the expenditures of
money in the fund.
SECTION 7. This fund takes effect upon approval of the State
Board of Tax Commissioners.
Attest:
Passed by the Common Council of the City of Carmel, Indiana, on the
17th day of July, 1995.
Mayor
Presented to me this 17th day of July, 1995, by the Clerk-Treasurer
of the City of Carmel for passage.
Attest: