top of page
Search

Ordinance - Reestablish Capital Development Fund


ORDINANCE NO. 2012-01


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, it is the duty and the responsibility of the Wolcott Town Council to consider and adopt legislation intended to facilitate fiscal responsibility and to take advantage of the economic opportunities that are offered by the State of Indiana; 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 now wishes to re-established for the purpose of all municipality purposes; 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;



NOW, THEREFORE, BE IT ORDAINED BY THE TOWN OF WOLCOTT:


Section 1. The Wolcott Cumulative Capital Development Fund is now re-established and re-titled Wolcott Municipal Cumulative Capital Development Fund.



Section 2. The reestablishment of a Cumulative Capital Development Fund shall be established under the provisions of IC 36-9-15.5 for all uses as set out in IC 36-9-15.5, 36-8-14, 36-9-16-2, 36-9-16-3, 36-9-16.5, 36-9-17, 36-9-26, 36-9-27-100, 36-10-1-4, 36-10-3-21, and 36-10-4-36.



Section 3. 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 Municipal Cumulative Capital Development Fund.



Section 4. That the maximum rate of levy under Section 2 will not exceed .0500 per $100 Assessed Valuation for year 20011 and thereafter.



Section 5. That the Town of Wolcott Municipal Cumulative Capital Development Fund is established until such time as the fund is rescinded.

Section 6. That the funds accumulated in the Town of Wolcott Municipal Cumulative Capital Development Fund shall be used as specified and as specifically provided in IC 36-9-15.5, and shall be specifically designated by the Common Council as it deems fit and advises to spend the Capital Development Funds as set forth:


  1. For capital improvements, as described in IC 36-8-14, regarding firefighting, building, equipment and police radio equipment;


  1. For capital improvements, as described in IC 36-9-16-2, regarding the erection of buildings;


  1. For capital improvements, as described in IC 36-9-16-3, regarding expenditures for general cumulative capital improvement projects;


  1. For capital improvements, as described in IC 36-9-16.5 et seq., regarding expenditures for public streets, thoroughfares, sidewalks, and the like;


  1. For capital improvements, as described in IC 36-9-17 et seq., regarding expenditures for the general improvement fund as provided;


  1. For capital improvements, as described in IC 36-9-26 et seq., regarding establishment of a Cumulative Building Fund for Municipal Sewers as provided;


  1. For capital improvements, as described in IC 36-9-27-10, regarding establishment of a Cumulative Building Fund for Park and Recreation as provided;


  1. For capital improvements, as described in IC 36-9-27-10, regarding establishment of a Cumulative Building and Sinking Fund for Park and Recreation as provided;


  1. For capital improvements, as described in IC 36-10-3-21 et seq., regarding expenditures for the general improvement fund as provided;


  1. For capital improvements, as described in IC 36-10-1-4 et seq, regarding improvements and capital expenditures for structural/building improvements in the park system.



Section 7. Notwithstanding Section 5, funds accumulated in the Town of Wolcott Municipal 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 8. 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 day of , 2012.


COUNCIL OF THE TOWN OF WOLCOTT




Marsha L. Mackey, Council President




Jon H. Evans, Council Vice President




Richard A. Lynn, Council Member




Fred A. Young, Council Member




Michael A. Yelton, Council Member

ATTEST:




Linda S. Bajzatt, IAMC, CMC

Clerk-Treasurer




Recent Posts

See All

Ordinance - Open Burn

PUBLIC HEALTH AND SAFETY ORDINANCE NO. 3-2001 OPEN BURNING REGULATION WHEREAS, the Common Council of the Town of Wolcott has the authority to propose and adopt ordinances to improve the health and saf

Resolution - Transfer of Funds

Resolution 2022- Town of Wolcott, Indiana A RESOLUTION TO TRANSFER FUNDS OF THE TOWN OF WOLCOTT, WHITE COUNTY, INDIANA, FOR THE YEAR 2022 TO BALANCE FUNDS FOR COUNCIL ACTION PURSUANT TO IC 6-1.1-18-1

Resolution - Business Personal Property

Wolcott Town Council RESOLUTION NO. 2022-3-3 RESOLUTION OPPOSING LEGISLATION REGARDING THE BUSINESS PERSONAL PROPERTY TAX WHEREAS, the Indiana legislature proposed changes to the depreciation floor an

Comments


bottom of page