(A) (1) There is hereby established a special fund to be known as the Cumulative Capital Improvement Fund, into which the cigarette taxes allotted to the town by reason of state law shall be deposited.
(2) This Fund shall be a cumulative fund and all of the monies deposited into the Fund shall be appropriated and used solely for capital improvements, and none of the monies shall revert to the general fund or be used for any purposes other than capital improvements.
(B) For the purpose of this section, the following definition shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL IMPROVEMENTS.
(a) The construction or improvements of any property owned by the town, including but not limited to streets, thoroughfares, and sewers, and the retirement of general obligation bonds issued, and the proceeds used, for the purpose of constructing capital improvements.
(b) The term shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(`76 Code, § 2-3)
Statutory reference:
Allocation of monies by state to city, see I.C. 6-7-1-31.1 and 6-7-1-30.5
Cumulative capital improvement fund required, see I.C. 6-7-1-31.1