(A) An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Cumulative Capital Development Fund.
(B) The city shall adhere to the provisions of IC 36-9-15.5-1 et seq. The proposed fund shall not exceed:
(1) $.05 per $100 of assessed valuation payable in 2010 and thereafter, continuing until reduced or rescinded.
(C) The funds accumulated in the Cumulative Capital Development Fund will be used for capital improvements generally, and more specifically the following:
(1) Lease or purchase of Street Department vehicles for sanitation and/or snow removal.
(2) Lease or purchase of Police Department equipment.
(3) Lease or purchase of Fire Department equipment.
(D) Notwithstanding division (C), funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in division (C) above, if the purpose is to protect the public health, welfare, or safety in an emergency situation which demands immediate attention. Money may be spent under authority of this division 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.
