ORDINANCE 2016-15
AN ORDINANCE ESTABLISHING A CUMULATIVE CAPITAL DEVELOPMENT FUND
WHEREAS, in accordance with Indiana Code 36-9-15.5, “the legislative body of a municipality may establish a cumulative capital development fund under IC 6-1.1-41 to provide money for any purpose for which property taxes may be imposed within the municipality”; and,
WHEREAS, Indiana Code 36-9-15.5 gives specific uses for which this fund shall be used; and,
WHEREAS, the tax rate for this new fund shall not exceed the following rates for the following years:
NUMBER OF YEARS TAX RATE PER $100 OF ASSESSED VALUATION
0 $.0167
1 $.0333
2 or more $.05
NOW, BE IT ORDAINED by the Town Council of Churubusco, Whitley County, Indiana that a need now exists for the establishment of a Cumulative Capital Development Fund, to be used for the following purposes:
For all uses as set out in IC 36-9-15.5
BE IT FURTHER ORDAINED that this Council will adhere to the provisions of Indiana Code 36-9-15.5. The proposed fund will not exceed $.0167 per $100 of assessed valuation for the first year and shall not exceed the maximum levies as outlined in 36-96-15.5 for each year following.
DULY ADOPTED by the Town Council at its regular meeting held on the 20th day of July, 2016, at which meeting a quorum was present.
_______________________________ ATTEST:
Mark Pepple
________________________________ _____________________________
Bruce Johnson Madalyn Sade-Bartl, Clerk-Treasurer
________________________________
Frank Kessler, Town Council President
