(A) (1) In accordance with the requirements of I.C. 6-7-1-31.1, there is created a special fund into which the cigarette taxes allotted to the city by reason of I.C. 6-7-1-30.1 shall be deposited.
(2) The Fund shall be a cumulative fund and all of the money deposited into the Fund shall be appropriated and used solely for capital improvements, as hereinafter defined, and none of the money shall revert to the General Fund or be used for any purposes other than capital improvements.
(B) For the purposes of this subchapter, the following definition shall apply unless the context clearly indicates or requires a different meaning.
CAPITAL IMPROVEMENTS.
(a) 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 of which shall be used for the purpose of constructing capital improvements.
(b) 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, § 43.015)