(A) 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 city, including but not limited to thoroughfares, streets, and sewers; the retirement of general obligation bonds of the city issued; and the proceeds from the bonds 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. ('75 Code, § 2.07)
(B) In accordance with the requirements of I.C. 6-7-1-31.1, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund, into which the cigarette taxes allotted to the city, by reason of I.C. 6-7-1-30.1, 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 herein defined. None of the monies shall revert to the general fund or be used for any purpose other than capital improvements.
('75 Code, § 2.06)
(Ord. 4-332, passed 11-2-65)