CHAPTER 4.08:
CUMULATIVE CAPITAL FUND
Section
4.08.040 Effective until rescinded
4.08.050 Use of funds; generally
4.08.060 Use of funds; emergency
4.08.010 ESTABLISHED.
There is hereby established the City of Southport Cumulative Capital Development Fund. (Ord. 12.07.01 § 1, passed 7-30-2012)
4.08.020 PROPERTY TAX IMPOSED.
An ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the City of Southport Cumulative Capital Development Fund. (Ord. 12.07.01 § 2, passed 7-30-2012)
4.08.030 TAX RATE.
The maximum rate of levy under Section 4.08.020 will not exceed:
(A) $0.05 per $100 assessed valuation for 2012 pay 2013.
(B) $0.10 per $100 assessed valuation for 2013 pay 2014.
(C) $0.15 per $100 assessed valuation for 2014 pay 2015 and thereafter. (Ord. 12.07.01 § 3, passed 7-30-2012)
4.08.040 EFFECTIVE UNTIL RESCINDED.
The City of Southport Cumulative Capital Development Fund is established until such time as the fund is rescinded by ordinance. (Ord. 12.07.01 § 4, passed 7-30-2012)
4.08.050 USE OF FUNDS; GENERALLY.
The funds accumulated in the City of Southport Cumulative Capital Development Fund will be used for capital improvements as described in I.C. 36-9-15.5, 36-9-16-2 or 36-9-16-3 and includes but is not limited to:
(A) To purchase, construct and equip buildings for public purposes.
(B) To acquire the land, and any improvements on it, that is necessary for the construction of public buildings.
(C) To demolish any improvements on land acquired under this section, and to level, grade, and prepare the land for the construction of a public building.
(D) To acquire land or rights-of-way to be used as a public way or other means of ingress or egress to land acquired for the construction of a public building.
(E) To improve or construct any public way or other means of ingress or egress to land acquired for the construction of a public building.
(F) To acquire land or rights-of-way to be used for public ways or sidewalks.
(G) To construct and maintain public ways or sidewalks.
(H) To acquire land or rights-of-way for the construction of storm sewers.
(I) To construct and maintain storm sewers.
(J) To acquire, by purchase or lease, or to pay all or part of the purchase price of a utility.
(K) To purchase or lease land, buildings, or rights-of-way for the use of any utility that is acquired or operated by the unit.
(L) To purchase or acquire land, with or without buildings, for park or recreation purpose.
(M) To purchase, lease, or pay all or part of the purchase price of motor vehicles for the use of the Police and municipal operations with the necessary appurtenances equipment. (Ord. 12.07.01 § 5, passed 7-30-2012)
4.08.060 USE OF FUNDS; EMERGENCY.
Notwithstanding Section 4.08.050, funds accumulated in the City of Southport Cumulative Capital Development Fund may be spent for purposes other than the purposes stated in Section 4.08.050, 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 the authority of this section 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. (Ord. 12.07.01 § 6, passed 7-30-2012)