(a) There is created a special fund known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to Carmel pursuant to the Indiana Cigarette Tax Law, as amended, shall be deposited. Such fund shall be a cumulative fund and all of the monies deposited therein shall be appropriated and used solely for capital improvements, and none of such monies shall revert to the general fund or be used for purposes other than capital improvements.
(b) Capital improvements shall be defined as set forth by applicable state law,
I.C., 6-7-1-31.1.
(c) No monies shall be spent from the Fund established by this section without the prior approval of the Common Council.
(`91 Code, § 2-93) (Ord. D-2024-10, As Amended, 2-7-11; Ord. D-2067-11, 11-7-11)
Statutory reference:
Additional provisions, see I.C., 36-9-16-1 through 36-9-16-6