(a) There is hereby reestablished and continued a cumulative capital development fund, or cumulative cap dev fund, as permitted by the provisions of IC 36-9-15.5, as amended, for the following purposes: for all uses as set out in IC 36-9-15.5.

(b) An ad valorem property tax levy is to be imposed upon all taxable real and personal property within the taxing district of the Town of St. John, with the property tax revenues collected from said levy to be retained and deposited into the Town of St. John cumulative capital development fund in conformance with applicable law.

(c) The reestablished and continued cumulative capital development fund proposed rate will not exceed fifty cents ($0.50) on each one hundred dollars ($100.00) of assessed valuation. Further, that said tax rate will be levied beginning with taxes for Y2022 payable Y2023.

(d) The Town of St. John cumulative capital development fund shall remain in full force and effect until said fund is rescinded, repealed or abolished in conformance with applicable lawful procedures.

(e) The Town Manager and administrative staff, and designated Town legal counsel and financial advisors are hereby directed to comply with the provisions of IC 6-1.1-41 pertaining to establishment and imposition of a tax levy for a cumulative capital development fund under applicable Indiana law, as amended from time to time. The Town Manager is further directed to report said compliance with statutory requirements for the establishment and imposition of a tax levy for a cumulative capital development fund as established by this section, upon processing completion of same.

(f) Notwithstanding the purposes for the use of the Town of St. John cumulative capital development fund set forth in this section, the property tax funds collected, deposited and accumulated in the Town of St. John cumulative capital development fund may be expended for purposes other than those specifically set forth herein if the purpose is to protect the public health, welfare or safety in an emergency situation which demands and requires immediate action. The cumulative capital development funds of the Town of St. John may be utilized under the authority of this subsection only after the Town Council, as legislative body, and the Town Council President declare that the public health, welfare or safety is in immediate danger which requires the expenditure of cumulative capital development funds collected and accumulated for such emergency purposes.