(A) The Council hereby creates the Cumulative Capital Improvement Fund.
(B) All distributions received from the Cumulative Capital Improvement Fund of the Indiana Cigarette Tax Fund shall be deposited in the Cumulative Capital Improvement Fund.
(C) Disbursements from the fund shall be made only for the construction or improvement of town-owned property, including, but not limited to, highways, alleys, sewers or thoroughfares. Disbursements may also be made to retire any general obligation town bonds issued for the construction of improvements which would qualify for the use of such funds.
(D) No funds shall revert to the Town General Fund, and no disbursements shall be made from the Cumulative Capital Improvement Fund for the salaries of any officials or employees of the town, except for expenses directly chargeable to the improvements listed in division (C) above.
(1983 Code, § 36-9-16-3)
Statutory reference:
Cumulative Capital Improvement Fund, see I.C. 36-9-16-3