The purposes of the Cumulative Capital Development Fund shall be those purposes set forth in IC 36-9-16-2 and IC 36-9-16-3 which provide as follows:
(A) A municipality may establish a cumulative building or sinking fund or cumulative capital improvement funds to provide money for one or more of the following purposes:
(1) To purchase, construct, equip, and maintain buildings for municipal purposes.
(2) To acquire the land, and any improvements on it, that are necessary for the construction of municipal buildings.
(3) To demolish any improvements of land acquired under this subchapter, and to level, grade, and prepare the land for the construction of a municipal building.
(4) To acquire land or rights-of-way to be used as a public way or other means of ingress or egress to land acquired for the construction of a municipal building.
(5) To improve or construct any public way or other means of ingress or egress to land acquired for the construction of a municipal building.
(B) A municipality may also establish cumulative capital funds to provide money for one or more of the following purposes:
(1) To acquire land or rights-of-way to be used for public ways or sidewalks.
(2) To construct and maintain public ways or sidewalks.
(3) To acquire land or rights-of-way for the construction or sanitary or storm sewers, or both.
(4) To construct and maintain sanitary or storm sewers, or both.
(5) To acquire, by purchase or lease, or to pay all or part of the purchase price of a utility.
(6) To purchase or lease land, buildings, or rights-of-way for the use of any utility that is acquired or operated by the municipality.
(7) To purchase or acquire land, with or without buildings, for park or recreation purposes.
(8) To purchase, lease, or pay all or part of the purchase price of motor vehicles for the use of the Police or Fire Department, or both, including ambulances and firefighting vehicles with the necessary equipment, ladders, and hoses.
(9) To retire in whole or part any general obligation bonds of the municipality that were issued for the purpose of acquiring or constructing improvements or properties that would qualify for the use of cumulative capital funds.
(10) To purchase or lease equipment and other nonconsumable personal property needed by the municipality for any public transporta- tion use.
(Ord. 1987-10, passed 8-24-87; Am. Ord. 1988-9, passed 6-13-88; Am. Ord. 4-1991, passed 6-24-91; Am. Ord. 1994-1, passed 6-13-94)