HomeMy WebLinkAboutD-994 Estb Tax Rate for Cum CapORDINANCE D-994
AN ORDINANCE RE-ESTABLISHING THE
CUMULATIVE CAPITAL DEVELOPMENT FUND FOR
THE CITY OF CARMEL, INDIANA AND
ESTABLISHING A TAX RATE FOR SAID FUND
WHEREAS, IC 36-9-15.5-1 allows municipalities to establish and re-
establish a Cumulative Capital Development Fund; and
WHEREAS, the City of Carmel, 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 Carmel
Cumulative Capital Development Fund.
SECTION 2. That an ad valorem property tax levy will be imposed
and the revenues from the levy will be retained in the City of
Carmel Cumulative Capital Development Fund.
SECTION 3. That the maximum rate of levyunder SECTION 2. will not
exceed $.10 per $100 Assessed Valuation.
SECTION 4. That the City of Carmel Cumulative Capital Development
Fund is re-established for the years, 1994, 1995 and 1996.
SECTION 5. That the funds accumulated in the City of Carmel
Cumulative Capital Development Fund will be used for purposes
permitted under IC 36-9-16, for capital improvements; for any
purposes permitted under IC 36-9-16.5, for public ways and
sidewalks; for any purposes permitted under IC 36-9-26; for sewers;
for any purposes permitted under IC 36-9-17, for general
improvement; for any purposes permitted under IC 36-8-14; for
firefighting building and equipment and police radios; for any
purposes permitted under IC 36-10-4-36, for parks; and for any
purposes permitted under IC 36-9-16-2 for public buildings and
right-of-way.
SECTION 6. Notwithstanding uses permitted under subsection (1)
above, funds accumulated in the Cumulative Capital Development Fund
may be spent for purposes other than those purposes stated in
subsection (1), provided that the purposes of the expenditure is to
protect the public, health, welfare or safety in an emergency
situation which demands immediate action. Funds may be spent under
the authority of this subsection only after the Mayor issues a
declaration that the public health, welfare and safety is in
immediate danger that requires the expenditure of money in the fund
and files notice of such an emergency declaration with the Carmel
City Council.
SECTION 7. This fund takes effect upon approval of the State Board
of Tax Commissioners.
Passed and presented this ~15~ day of ~
the Common Council of the City of Carmel, Indiana.
/
~YE NAY
1993 by
Attest:
Presented to me of this
day of
Clerk-Treasurer of the City of Carmel for passage.
ATTEST:
1993 by the
Ted Mayor of the City of Carmel
J