HomeMy WebLinkAbout2005-OR-37ORDINANCE 2005-OR-37
AN ORDINANCE AMENDING ORDINANCE NO. 87-OR-38
AN ORDINANCE TO ESTABLISH CUMULATIVE CAPTIAL DEVELOPMENT
FUND WITHIN THE CITY OF JEFFERSONVILLE
WHEREAS, Indiana Code 36-9-15-5 allows municipalities to establish a municipal
Cumulative Capital Development Fund; and
WHEREAS, the City of Jeffersonville finds that such a fund is necessary and
prudent for the financial well being of the municipality;
NOW, THEREFORE BE IT ORDAINED by the Common Council of the City
of Jeffersonville as follows:
Section I.
That the Jef£ersonville Cumulative Capital Development Fund established in 1987
pursuant to Ordinance 87-OR-38 is hereby amended by Ordinance 2005-OR-37.
Section 2.
That the Ad Valorem Property Tax Levy xvill be imposed and the revenues from that
lev3, will be retained in the J effersonville Cumulative Capital Development Fund.
Section 3.
That the maximum rate of levy under Section 2 will not exceed:
ao
(.05) per $100 Assessed Valuation for 2005
(.05) per $100 Assessed Valuation for 2006
(.05) per $100 Assessed Valuation for 2007 and thereafter.
Section 4.
That the City of Jeffersonville Cumulative Capital Development Fund is established
until such time as the fund is rescinded.
Section 5.
That the funds accumulated in the Jeffersonville Cumulative Capital Development
Fund will be used for Capital Improvements as described in Indiana Code, Section 36-9-16-2
or 36-9-16-3.
Section 6.
Notwithstanding Section 4, funds accumulated in the J effersonville Cumulative
Capital Development Fund may be spent for purposes other than the purposes stated in
Section 4, if the purpose is to protect the public health, welfare, or safety in an emergency
situation which demands immediate action. Money may be spent under authority of this
section only after the Mayor and/or Common Council issues a declaration that the public
health, welfare, or safe~ is in immediate danger that requires the expenditure of money in
the fund.
Section 7.
This fund takes effect upon approval of the Department of Local Government
Finance. In the event, the Department of Local Government Finance does not give
approval, then this Ordinance is null and void and the Ordinance No. 87-OR-38 remains in
effect.
This Ordinance shall be in full force and effect from and after its passage and
approval.
Passed this \
·
day of .V%) .,O4XZ3~, ,
200:
I -
Robert L. Waiz,
Presiding Officer
Clerk and Treasurer
this
Presented by me as Clerk and Treasurer to the Mayor of said City of Jeffersonville
day of ~ '~0~ c)~ 2005 at 1~ O,'.~ r,.~'m.
Clerk and Treasurer
This Ordinance approved and signed by me
Robert L.
Wai~ Jr., Mayor
?
2005.