(A) In accordance with the requirements of Section 8 of Chapter 225, Acts of 1965, State General Assembly, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund of Clear Lake into which the cigarette taxes allotted to the town, by reason of Subsection C (1)(C) of Section 27C and Section 27D of the State Cigarette Tax Law, being Chapter 222 of the Acts of 1947, as amended, shall be deposited. The Fund shall be a cumulative fund and all of the monies deposited into the Fund shall be appropriated and used solely for capital improvements, as hereinafter defined, 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. The construction or improvement of any property owned by the town including, but not limited to, streets, thoroughfares and sewers, and the retirement of general obligation bonds of the town issued, and used for the purpose of constructing capital improvements. CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees, except those which are directly chargeable to a capital improvement.
(Ord. 43, passed 7-12-65)