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Clayton council moves toward ordinance to create Cumulative Capital Development Fund; public hearing planned for May
Summary
Council agreed to work with town attorney to draft an ordinance to establish a Cumulative Capital Development (CCD) fund and to schedule a public hearing in May; council discussed a remonstration period and potential impact of state Senate Bill 1 on levy limits.
The Town of Clayton council on May 8 agreed to begin drafting an ordinance to establish a Cumulative Capital Development (CCD) fund and to hold a public hearing in May to consider the measure.
Council members said a CCD fund would allow the town to set aside tax revenue specifically for capital needs — furnaces, HVAC units and other long‑lived equipment — outside of the levy changes proposed in the state’s Senate Bill 1. Town attorney Graham was asked to draft the ordinance and the council tentatively scheduled a public…
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