(A) Fund established. The Cumulative Capital Improvement Fund is established.
(B) Purpose. This special fund is established for the purpose of receiving cigarette taxes allocated to the town pursuant to applicable state law and funds shall not revert to the general fund.
(C) Capital improvements. Monies shall be used solely for CAPITAL IMPROVEMENTS, herein defined as the construction or improvement of any property owned by the town including but not limited to streets, thoroughfares and sewers, the retirement of general obligations bonds, and salaries of public officials and employees directly chargeable to a capital improvement.
(1996 Code, § 2-86)