(A) (1) In accordance with the requirement of I.C. 6-7-1-31.1, there is hereby created a special fund to be known as the “Cumulative Capital Improvement Fund of Bourbon,” into which the cigarette taxes allotted to the town by reason of the Indiana Cigarette Law, being I.C. 6-7-1-0.3 et seq. as amended, shall be deposited.
(2) Said funds shall be a cumulative fund and all the monies deposited into said Fund shall be appropriated and used solely for capital improvements as hereinafter defined, and none of such monies shall revert to the General Fund or be used for any purposes other than capital improvement.
(B) (1) The term CAPITAL IMPROVEMENTS means the construction or improvement of any property owned by the town, including, but not limited to, streets, thoroughfares, and sewers, and retirement of general obligation bonds of the town issued, and the proceeds used for the purpose of constructing capital improvements.
(2) The term CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees, except those which are directly chargeable to a capital improvements.
(Prior Code, § 2.4) (Ord. 1-1965, passed 6-16-1965)