Tuesday evening the Bourbon Town Council conducted a public hearing to re-establish the Cumulative Capital Development (CCD) Fund at the maximum allowable amount.
The town has had a CCD Fund for years. The rate had initially been set at $0.05 per $100 of assessed valuation but each year following, the rate gradually reduces. State legislation recently passed a new law that allows cities and towns to re-establish the amount this year. That new rate will always remain steady unless the governing agency wishes to reduce it later.
During the public hearing, there were no comments. It was also noted that public notice of the proposed ordinance was published prior to the meeting.
The Bourbon Town Council unanimously approved the ordinance to re-establish the Cumulative Capital Development Fund by a 3-0 vote.