HomeMy Public PortalAbout2014-07 - CUMULATIVE CAPITAL DEVELOPMENT FUNDRESOLUTION RE- ESTABLISHING CUMULATIVE CAPITAL DEVELOPMENT FUND
Under I.C. 36 -9 -15.5
WHEREAS, the City of Greencastle is authorized, pursuant to I.0 36 -9 -15.5, to provide for a Cumulative Capital
Development Fund for the purposes set out in I.C. 36 -9- 15.5 -2, including the construction and maintenance of public
ways or sidewalks;
WHEREAS, the City of Greencastle established such a fund in May, 1985 through Common Council Ordinance No.
1985 -4, and re- establishing the same fund under Ordinance 1987 -10, Ordinance 1991 -12, setting the tax to be levied
in an amount not to exceed $0.15 per $100.00 of assessed valuation. The Common Council re- established the fund
again in Resolution 2009 -6 setting the tax to be levied at a rate of $ 05 per $100.00 of assessed value;
WHEREAS, the Common Council of the City of Greencastle wishes to re- establish the fund at the rate of $.05 per
$100.00 of assessed valuation.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of Greencastle, Putnam County,
Indiana that a need now exists for the re- establishment of a Cumulative Capital Development Fund for any and all
purposes and uses set out in I.C. 36- 9- 15.5 -2
BE IT FURTHER RESOLVED that the Common Council of the City of Greencastle will adhere to the provisions of
Indiana Code 36 -9 -15.5. The fund will not exceed $.05 on each $100.00 of assessed valuation. Said tax rate will be
levied beginning with taxes for 2014 payable 2015.
BE IT FURTHER RESOLVED that proofs of publication of the public hearing held on the 8th day of July 2014, and
a certified copy of the resolution be submitted to the Department of Local Government Finance of the state of
Indiana as provided by law. Said Cumulative Fund is subject to the approval of the Depai tment of Local
Government Finance
This Ordinance shall have full force and effect upon passage of the Greencastle Common Council and its approval by the
Mayor.
PASSED AND ADOPTED by the Conmion Council of the City of Greencastle, Indiana this $ 111 day of
JON , 2014
Adam Coh
k /
Mak N. Kammer
Terry `smith
Approved and signed by me this
ATTEST:
Lyn Duir, Clerk- Treasurer
ORDINANCE 2014 -7
m sie S. Bingham
day , 2014, at �� ?� o'clock .m.
Sue Murray, Mayor