ST. JOHN | The Town Council approved an ordinance to re-establish a cumulative capital development fund to help cover the cost of local street repairs.
The ordinance sets a maximum rate of levy for the fund of $.05 per $100 of assessed valuation, payable starting in 2015.
The move is expected to raise an additional $330,000 per year for street repairs, officials said.
Some of the town's share of Lake County Economic Development Income Tax also will be spent for street repairs, officials said.
Streets due for repairs are being identified, officials said.