In accordance with state statutes, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund of the city into which the cigarette taxes allotted to the city 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 hereinafter defined and none of the monies shall revert to the General Fund or be used for any purpose other than capital improvements. However, any or all monies on deposit in the Fund may at any time be transferred to the General Fund upon resolution of the City Council and the transferred monies may be appropriated and expended for any purpose for which General Fund monies may be lawfully appropriated and expended. The term CAPITAL IMPROVEMENT means the purchase of buildings, land, easements, or rights-of-way; 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 used for any of the foregoing purposes. The term CAPITAL IMPROVEMENT shall not include salaries of public officials or employees except those which are directly chargeable to a capital improvement.
(1985 Code, § 9-8-1) (Ord. 3-1965, passed 7-13-1965; Ord. 13-1984, passed - -1984)