NO.     2     2002

ORDINANCE ESTABLISHING
CUMULATIVE CAPITAL DEVELOPMENT FUND
UNDER IC 36-9-15.5

WHEREAS, IC 36-9-15.5 allows municipalities to establish a Cumulative Capital Development Fund; and

WHEREAS, the town of Bunker Hill finds that such a fund is necessary and prudent for the financial well being of the municipality;

NOW, THEREFORE, BE IT ORDAINED BY THE Town Council of Bunker Hill:

SECTION 1.   That there is hereby established the Bunker Hill Cumulative Capital Development Fund.

SECTION 2.   That an ad valorem property tax levy will be imposed and the revenues from the levy will be retained in the Bunker Hill Cumulative Capital Development Fund.

SECTION 3.   That the maximum rate of levy under SECTION 2 will not exceed:
.0167 per $100 Assessed Valuation for 2003
.0333 per $100 Assessed Valuation for 2004
.05 per $100 Assessed Valuation for 2005 and thereafter.

SECTION 4.   That the Bunker Hill Cumulative Capital Development Fund is established until such time as the fund is rescinded.

SECTION 5.   That the funds accumulated in the Bunker Hill Cumulative Capital Development Fund will be used for capital improvements as described in IC 36- 9-16.

SECTION 6.   Notwithstanding SECTION 5, funds accumulated in the Bunker Hill 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 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 Town Council President issues a declaration that the public health, welfare of safety is in immediate danger that requires the expenditure of money in the fund.

SECTION 7.   This fund takes effect upon approval of the State Board of Tax Commissioners. Duly adopted by the members of the Bunker Hill Town Council this   16   day of   July   , 2002.