A. In accordance with the requirements of Burns' Statutes, Section 64-2928(f), there is created a special fund to be known as the cumulative capital improvement fund of the city into which the cigarette taxes allotted to the city by reason of Burns' Statutes, Sections 64-2928 (c)(1)(c) and 64-2928(d), as amended shall be deposited.
B. Such fund shall be a cumulative fund and all of the money deposited into such fund shall be appropriated and used solely for capital improvements as defined in subsection C of this section, and none of such money shall revert to the general fund or be used for any purposes other than capital improvements.
C. Definition of Capital Improvements. The term "capital improvements" means the construction or improvement of any property owned by the city including but not limited to streets, thoroughfares and sewers and the retirement of general obligation bonds of the city issued and the proceeds used for the purpose of constructing capital improvements. The term "capital improvement" shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement. (Prior code §§ 7-9, 7-10)