HomeMy Public PortalAbout010-2020 - Rate Study and chargesCITY OF RICHMOND, INDIANA
ORDINANCE NO.10-2020
ORDINANCE REESTABLISHING THE CUMULATIVE CAPITAL
DEVELOPMENT FUND UNDER INDIANA CODE 36-9-15.5
WHEREAS, The City of Richmond, Indiana, accepted and passed Ordinance 72-1984
previously establishing the Richmond Cumulative Capital Development
Fund; and
WHEREAS, Indiana Code (IC) 36-9-15.5 allows municipalities to re-establish and
continue Cumulative Capital Development Funds and said re-establishment
of said fund for taxes levied for 2020 payable in 2021 are permitted for all .
uses as set forth in IC 36-9-15.5; and
WHEREAS, It is in the best interest of the City of Richmond to re-establish the
Cumulative Capital Development Fund as being necessary and prudent for
the financial well-being of the City.
NOW, THEREFORE, BE IT ORDAINED by the Common Council of the City of
Richmond, Indiana, in Wayne County, that a need now exists for the reestablishment of
the Cumulative Capital Development Fund for all uses as set out in IC 36-9-15.5.
NOW, THEREFORE, BE IT FURTHER ORDAINED by the Common Council of
the City of Richmond, Indiana, in Wayne County, that the Common Council and City will
adhere to the provisions of Indiana Code 36-9-15.5. and that the proposed fund will not
exceed $0.0500 on each $100 of assessed valuation and said tax rate will be levied
beginning with taxes for 2020 payable in 2021.
NOW, THEREFORE, BE IT FURTHER ORDAINED by the Common Council of
the City of Richmond, Indiana, in Wayne County, that proofs of publication of the public
hearing held on the 18t' day of February, 2020, and a certified copy of this ordinance shall
be submitted to the Department of Local Government Finance of the State of Indiana as
provided by law and this Cumulative Fund is subject to the approval of the Department of
Local Government Finance.
Passed and adopted this day of ��-=� �, 2020, by the Common
Council of the City of Richmond, Indiana.
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Vice President
Ldry Parker
ATTEST:
(Karen Chasteen, IAMC, MMC)
7ESENTED to the Mayor of the City of Richmond, Indiana, this day of
2020, at 9:00 a.m.
lerk
(Karen Chasteen, IAMC, MMC)
APPROVED by me, David M. Snow, Mayor of the City of Richmond, Indiana, this Z
day of2020, atm. 3 M
Mayor
(D now)
ATTESAL
YaZren—;Uhasteen, IAMC, MMC)
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