Establishing- Cumulative Capital Development Fund

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ORD INANCE NO. 8 7g9-9_7 AN ORDINANCE OF THE CONIl�ION COIINCIL OF THE CITY OF SOIITH BEND, INDIANA, ESTABLISHING A CUMULATIVE CAPITAL DEVELOPMENT FUND STATEMENT OF PURPOSE AND INTENT I .C. 36-9-15.5 permits the City to establish a Cumulative Capital Development Fund for any purpose presently allowed for existing cumulative funds and to levy within certain limits to provide revenues for that fund. On July 8, 1985, the Common Council passed Ordinance No. 7486-85 establishing a Cumulative Capital Development Fund and levying taxes for said fund for the years of 1986, 1987 and 1988 . On May 23, 1988, the Common Council passed ordinance number 7676-88 re-establishing the Cumulative Capital Development Fund and levying taxes for said fund for the years of 1989, 1990, and 1991 . On June 24, 1991, the South Bend Common Council passed Ordinance No. 8195-91 re- establishing the Cumulative Capital Development Fund and levying taxes for said fund for the years of 1992, 1993, and 1994 . On May 23, 1994, the South Bend Common Council passed Ordinance No. 8505-94 reestablishing the Cumulative Capital Development Fund and levying taxes for said fund for the years 1995, 1996, and 1997 . The South Bend Common Council finds that it is necessary to reestablish such fund and levy taxes for said fund for the years of 1998, 1999, and 2000 in order to assure the financial well- being of the City of South Bend. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL AS FOLLOWS : Section I ta) . A Cumulative Capital Development Fund is established, to be used for any purposes permitted under I .C. 36- 9-16, for capital improvements; for any purposes permitted under I .C. 36-9-16 .5, for public ways and sidewalks; for any purposes permitted under I .C. 36-9-26, for sewers; for any purposes permitted under I .c. 36-9-17, for general improvements; for any purposes permitted under I .C. 36-8-14, for firefighting building and equipment and police radios; for any purposes permitted under I .C. 36-10-4-36, for parks; and for any purposes permitted under Y .C. 36-9-16-2 for public buildings and rights-of-way. (b> • Notwithstanding uses permitted under Subsection (a) , above, funds accumulated in the Cumulative Capital Development Fund may be spent for purposes other than those purposes stated in Section (a) provided that the purpose 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 section only after the Mayor issues a declaration that public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund and files notice of such emergency declaration with the Board of Public Works . Section II . An ad valorem property tax levy shall be imposed and revenues from that levy shall be retained in the South Bend Cumulative Capital Development Fund. Section III . The maximum rate of the levy under Section II shall not exceed an amount to be determined by multiplying each One Hundred ($100 . 00) Dollars of assessed tax valuation of real property within the City and subject to taxation by the following specified tax rates : First year of imposition of tax (1998) $ . 15 Second year of imposition of tax (1999) $ . 15 Third year of imposition of tax (2000) $ . 15