Amending Article14 Establish a Cumulative Capital Development Fund

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ORDINANCE NO. AN ORDINANCE AMENDING ARTICLE 14 OF THE SOUTH BEND MUNICIPAL CODE TO ESTABLISH A CUMULATIVE CAPITAL DEVELOPMENT FUND STATEMENT OF PURPOSE AND INTENT: Public Law 44 -1984 permits the City to establish a cumulative capital development fund for any purpose presently allowed for existing cumulative funds and to levy taxes within certain limits to provide revenues for that fund. The South Bend Common Council finds that such fund is necessary and prudent for the financial well -being of the City of South Bend. NOW, THEREFORE, BE IT ORDAINED BY THE SOUTH BEND COMMON COUNCIL, AS FOLLOWS: SECTION I. That Article 14 of the South Bend Municipal Code be amen e�y-- adding a new section 2 -167, to read in its entirety as follows: Section 2 -167. Cumulative Capital Development Fund. (a) 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 improvement; 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 I.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 subsection (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 subsection 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 and files notice of such emergency declaration with the Board of Public Works. SECTION II. An ad valorem property tax levy shall be imposed anc 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 Dollars ($100.00) of assessed valuation of real property within the City and subject to taxation by the following specified tax rates: (a) First year of imposition of tax $.04 Second year of imposition of tax $.08 Third year of imposition of tax $.12