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Establishing- Cumulative Capital Development Fund
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Establishing- Cumulative Capital Development Fund
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Last modified
3/22/2011 4:07:55 PM
Creation date
3/22/2011 4:07:55 PM
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City Council - City Clerk
City Council - Document Type
Ordinances
City Counci - Date
5/27/1997
Ord-Res Number
8789-97
Bill Number
42-97
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ORD INANCE NO. 8 7g9-9_7 <br /> AN ORDINANCE OF THE CONIl�ION COIINCIL OF THE <br /> CITY OF SOIITH BEND, INDIANA, ESTABLISHING A <br /> CUMULATIVE CAPITAL DEVELOPMENT FUND <br /> STATEMENT OF PURPOSE AND INTENT <br /> I .C. 36-9-15.5 permits the City to establish a Cumulative <br /> Capital Development Fund for any purpose presently allowed for <br /> existing cumulative funds and to levy within certain limits to <br /> provide revenues for that fund. On July 8, 1985, the Common <br /> Council passed Ordinance No. 7486-85 establishing a Cumulative <br /> Capital Development Fund and levying taxes for said fund for the <br /> years of 1986, 1987 and 1988 . On May 23, 1988, the Common <br /> Council passed ordinance number 7676-88 re-establishing the <br /> Cumulative Capital Development Fund and levying taxes for said <br /> fund for the years of 1989, 1990, and 1991 . On June 24, 1991, <br /> the South Bend Common Council passed Ordinance No. 8195-91 re- <br /> establishing the Cumulative Capital Development Fund and levying <br /> taxes for said fund for the years of 1992, 1993, and 1994 . On <br /> May 23, 1994, the South Bend Common Council passed Ordinance No. <br /> 8505-94 reestablishing the Cumulative Capital Development Fund <br /> and levying taxes for said fund for the years 1995, 1996, and <br /> 1997 . The South Bend Common Council finds that it is necessary to <br /> reestablish such fund and levy taxes for said fund for the years <br /> of 1998, 1999, and 2000 in order to assure the financial well- <br /> being of the City of South Bend. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL AS <br /> FOLLOWS : <br /> Section I ta) . A Cumulative Capital Development Fund is <br /> established, to be used for any purposes permitted under I .C. 36- <br /> 9-16, for capital improvements; for any purposes permitted under <br /> I .C. 36-9-16 .5, for public ways and sidewalks; for any purposes <br /> permitted under I .C. 36-9-26, for sewers; for any purposes <br /> permitted under I .c. 36-9-17, for general improvements; for any <br /> purposes permitted under I .C. 36-8-14, for firefighting building <br /> and equipment and police radios; for any purposes permitted under <br /> I .C. 36-10-4-36, for parks; and for any purposes permitted under <br /> Y .C. 36-9-16-2 for public buildings and rights-of-way. <br /> (b> • Notwithstanding uses permitted under Subsection (a) , <br /> above, funds accumulated in the Cumulative Capital Development <br /> Fund may be spent for purposes other than those purposes stated <br /> in Section (a) provided that the purpose of the expenditure is to <br /> protect the public health, welfare, or safety in an emergency <br /> situation which demands immediate action. Funds may be spent <br /> under the authority of this section only after the Mayor issues a <br /> declaration that public health, welfare or safety is in immediate <br /> danger that requires the expenditure of money in the fund and <br /> files notice of such emergency declaration with the Board of <br /> Public Works . <br /> Section II . An ad valorem property tax levy shall be <br /> imposed and revenues from that levy shall be retained in the <br /> South Bend Cumulative Capital Development Fund. <br /> Section III . The maximum rate of the levy under Section II <br /> shall not exceed an amount to be determined by multiplying each <br /> One Hundred ($100 . 00) Dollars of assessed tax valuation of real <br /> property within the City and subject to taxation by the following <br /> specified tax rates : <br /> First year of imposition of tax (1998) $ . 15 <br /> Second year of imposition of tax (1999) $ . 15 <br /> Third year of imposition of tax (2000) $ . 15 <br />
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