(A) There is hereby created a Cumulative Capital Improvement Fund in the city.
(B) CAPITAL IMPROVEMENT is defined as the construction and improvement of any city-owned property, including but not limited to streets, thoroughfares and sewers, but shall not include salaries of any public officials or employees, except those that are directly chargeable to the improvements. The funds may also be used to retire any general obligation funds of the city issued for the purpose of construction of improvements which would qualify for the use of the funds.
(Prior Code, § 36.07) (Ord. 3468, passed 8-9-1965)
Statutory reference:
Creation of Cumulative Capital Improvement Funds, see I.C. 6-7-1-31.1