ORDINANCE NO. 2006-02
AN ORDINANCE TO RE-ESTABLISH
A CUMULATIVE CAPITAL DEVELOPMENT FUND
WHEREAS, IC 36-9-15-5 allows municipalities to establish a Cumulative Capital Development Fund; and
WHEREAS, the Town of Wolcott had established in 1996 a Cumulative Capital Development Fund according to IC 36-9-15-5, which said fund was established to provide for the acquisition of a new fire truck and is still in existence; and
WHEREAS, the Town of Wolcott adopted the maximum rate of levy allowed of .0500 per $100 Assessed Valuation, but due to property tax assessment, the maximum levy has been decreased to .0280;
NOW, THEREFORE, BE IT ORDAINED BY THE TOWN OF WOLCOTT:
Section 1. That the Cumulative Capital Development Fund, established in 1996 to provide funds for the acquisition of a new fire truck, is still in existence.
Section 2. That an ad volarem property tax levy is being re-established at the maximum rate and the revenues from the levy will be retained in the Town of Wolcott Cumulative Capital Development Fund
Section 3. That the maximum rate of levy under Section 2 will not exceed .0500 per $100 Assessed Valuation for year 2007 and thereafter.
Section 4. That the Town of Wolcott Cumulative Capital Development Fund is established until such time as the fund is rescinded.
Section 5. That the funds accumulated in the Town of Wolcott Cumulative Capital Development Fund will continue to be used for the acquisition of a new fire truck.
Section 6. Notwithstanding Section 5, funds accumulated in the Town of Wolcott Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in Section 5 if the purpose is to protect the public heath, welfare or safety in an emergency situation which demands immediate action. Money may be spent under the authority of this section only after the Town Council President issues a declaration that the public health, welfare or safety is in immediate danger that requires the expenditure of money in the fund.
Section 7. This re-establishment of an ad volarem property tax levy at the maximum rate takes effect upon approval of the Department of local Government Finance.
PASSED AND ADOPTED by the Council of the Town of Wolcott, White County, Indiana, this 7th day of June, 2006.
COUNCIL OF THE TOWN OF WOLCOTT
Robin D. Hensler, Council President
/s/ Marsha L. Mackey
Marsha L. Mackey, Council Member
/s/ Danny L. Sheets
/s/ Linda S. Bajzatt Danny L. Sheets, Council Member
Linda S. Bajzatt, CMC, Clerk-Treasurer