(A) For the purpose of this section, "CAPITAL IMPROVEMENT" shall mean the construction or improvement of any city-owned property, including, but not limited to, streets, thoroughfares, and sewers and the retirement of general obligation bonds of the city issued for the purpose of construction of improvements which would qualify for cumulative capital improvement funds, but shall not include salaries of any public officials or employees, except those directly chargeable to such improvements.
(B) A cumulative capital improvement fund is created into which the proceeds of the cigarette taxes allotted to the city by reason of IC 6-7-1-29.1, 6-7-1-30.1, and 6-7-1-31.1 shall be deposited. Such fund will be a cumulative nonreverting fund and shall be used only for capital improvements. All funds deposited into such cumulative capital improvement fund shall be deposited as provided by statute and shall be used and expended as by statute provided and not otherwise.
('76 Code, § 2-1) (Ord. 1965-l, passed 5-3-65)
Cross-reference:
County parks and recreation nonreverting capital fund, see § 33.41
County parks and recreation nonreverting operating fund, see § 33.42
Firemen's pension fund, see § 35.04
Joint city-county airport board fund, see § 33.14
Off-street parking fund, see § 72.25