(A) In accordance with the requirements of I.C. 36-9-16-2 through 36-9-16-4, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund of the town, into which the cigarette taxes allotted to the town by reason of I.C. 6-7-1-30.1 and I.C. 6-7-1-31.1 , as amended, shall be deposited.
(B) 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 of the town or to be used for any purposes other than capital improvements.
(C) 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 the proceeds used for the purpose of constructing CAPITAL IMPROVEMENTS. The term shall not include salaries of any public officials or employees, except those which are directly chargeable to a CAPITAL IMPROVEMENT.
(Ord. 15-1965, passed 8-3-65)