(A) There is established a Cumulative Improvement Fund, into which all of the proceeds allotted of the town from the cigarette tax shall be deposited in lieu of being deposited into the General Fund of the town.
(B) The funds deposited shall not revert to the General Fund of the town and all funds deposited shall and used solely for capital improvements of the town.
(C) The term CAPITAL IMPROVEMENT, as used in this section, shall be the construction or improvement of any town-owned property but not limited to streets, thoroughfares, and sewers, but shall not include salaries of any public officials or employees, directly chargeable to such improvements. The funds used to retire any general obligation bonds of said town issued for the purpose of construction of improvements which would qualify for use of such funds.
(Ord. 65-2, passed 7-7-1965)