CHAPTER 15.5. MUNICIPAL CUMULATIVE CAPITAL DEVELOPMENT FUND
IC 36-9-15.5
Chapter 15.5. Municipal Cumulative Capital Development Fund
IC 36-9-15.5-1
Application of chapter
Sec. 1. This chapter applies to all municipalities.
As added by P.L.44-1984, SEC.17.
IC 36-9-15.5-2
Authorization of fund; purpose
Sec. 2. The legislative body of a municipality may establish acumulative capital development fund under IC 6-1.1-41 to providemoney for any purpose for which property taxes may be imposedwithin the municipality under the authority of:
IC 8-16-3;
IC 8-22-3-25;
IC 14-27-6-48;
IC 14-33-14;
IC 16-23-1-40;
IC 36-8-14;
IC 36-9-4-48;
IC 36-9-16-2;
IC 36-9-16-3;
IC 36-9-16.5;
IC 36-9-17;
IC 36-9-26;
IC 36-9-27-100;
IC 36-10-3-21; or
IC 36-10-4-36.
As added by P.L.44-1984, SEC.17. Amended by P.L.2-1993,SEC.208; P.L.1-1995, SEC.87; P.L.17-1995, SEC.32.
IC 36-9-15.5-3
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 36-9-15.5-4
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 36-9-15.5-5
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 36-9-15.5-6
Tax levy; rate of tax
Sec. 6. (a) Except as provided in subsection (c), the municipalfiscal body may provide money for the cumulative capitaldevelopment fund by levying a tax in compliance with IC 6-1.1-41on the taxable property in the municipality. (b) The maximum property tax rate that may be imposed forproperty taxes first due and payable during a particular year in amunicipality that is either wholly or partially located in a county inwhich the county option income tax or the county adjusted grossincome tax is in effect on January 1 of that year depends upon thenumber of years the municipality has previously imposed a tax underthis chapter and is determined under the following table:
NUMBER TAX RATE PER $100
OF YEARS OF ASSESSED
VALUATION
0 $0.0167
1 $0.0333
2 or more $0.05
(c) The maximum property tax rate that may be imposed forproperty taxes first due and payable during a particular year in amunicipality that is wholly located in a county in which neither thecounty option income tax nor the county adjusted gross income taxis in effect on January 1 of that year depends upon the number ofyears the municipality has previously imposed a tax under thischapter and is determined under the following table:
NUMBER TAX RATE PER $100
OF YEARS OF ASSESSED
VALUATION
0 $0.0133
1 $0.0267
2 or more $0.04
As added by P.L.44-1984, SEC.17. Amended by P.L.17-1995,SEC.33; P.L.146-2008, SEC.792.
IC 36-9-15.5-7
Repealed
(Repealed by P.L.17-1995, SEC.45.)
IC 36-9-15.5-8
Cumulative capital development fund; transfer between funds;expenditures
Sec. 8. (a) The tax money collected under this chapter shall beheld in a special fund to be known as the cumulative capitaldevelopment fund.
(b) In a consolidated city, money may be transferred from the fundto the fund of a department of the consolidated city responsible forcarrying out a purpose for which the cumulative capital developmentfund was created. The department may not expend any money sotransferred until an appropriation is made and the department maynot expend any money so transferred for operating costs of thedepartment.
(c) Money held in the cumulative capital development fund maybe spent for purposes other than the purposes stated in section 2 ofthis chapter, if the purpose is to protect the public health, welfare, orsafety in an emergency situation that demands immediate action or
to make a contribution to an authority established under IC 36-7-23.Money may be spent under the authority of this subsection only afterthe executive of the municipality:
(1) issues a declaration that the public health, welfare, or safetyis in immediate danger that requires the expenditure of moneyin the fund; or
(2) certifies in the minutes of the municipal legislative body thatthe contribution is made to the authority for capitaldevelopment purposes.
As added by P.L.44-1984, SEC.17. Amended by P.L.82-1985, SEC.6;P.L.346-1989(ss), SEC.9; P.L.17-1995, SEC.34.