(A) The need exists for the reestablishment of the Cumulative Capital Development Fund for all purposes and uses set out in IC 36-9-15.5-2.
(B) The Town Council will adhere to the provisions of IC 6- 1.1-41 and IC 36-9-15.5-2 et seq. The proposed reestablished Cumulative Capital Development Fund will not exceed $.05 per $100 of assessed valuation payable in 2018 and thereafter, continuing until reduced or rescinded.
(C) Proofs of publication of the public hearing held on the fourth day of April, 2017, and a certified copy of this section will be submitted to the Department of Local Government Finance of the state as provided by law. This Cumulative Capital Development Fund is subject to the approval of the Department of Local Government Finance.
