A.    It is desired and deemed necessary to proceed with the proposed plan to establish a cumulative firefighting building and equipment fund.

    B.    The funds accumulated in the cumulative fire fund will be used for the purpose authorized by Indiana Code, 36-8-14-2, and more specifically:

    For the purchase, construction, renovation or addition to buildings used by the fire department and for the purchase of firefighting equipment, including payments pursuant to a lease/purchase agreement for the acquisition of equipment.

    C.    The levying of an ad valorem property tax of five cents on each one hundred dollars of taxable real and personal property within the taxing district will provide moneys for said fund, said tax to be first levied in 1988, payable in 1989 and annually thereafter until reduced or rescinded as provided for in Indiana Code, 36-8-14-4.

    D.    This fund takes effect upon approval of the State Board of Tax Commissioners all pursuant to law.

    E.    There is established a nonreverting fund dedicated to implementing a major fire apparatus purchase plan for the city. This fund is to establish and plan for future purchases of major equipment on a timely basis for the city. Be it known that the five hundred thousand dollars that was placed into the 1988 capital improvements account shall be used to establish said nonreverting fund commencing January 1, 1988. Additionally, one hundred twenty-five thousand dollars, as funds deemed available, and/or the amount so designated by common council, shall be placed in said nonreverting fund commencing January 1, 1989 and each year thereafter.

    F.    Moneys in said fund shall not revert to the general fund of the city at the end of each fiscal year and said nonreverting fund shall be funded by moneys appropriated yearly as previously stated.

    G.    Any and all claims for payment against said nonreverting fund shall be processed by and according to the laws of the state of Indiana and shall be approved by the board of works and public safety of the city. (Amended during 4-00 supplement; prior code §§ 7-11, 7-11(A))