(A) Definition. As used in this section, the term CAPITAL IMPROVEMENT means the 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, the purpose of construction of capital improvements. The term CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(B) Created. In accordance with the requirements of I.C. 6-7-1-31.1, as amended, there is created a special fund to be known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to the city by reason of I.C. 6-7-1-30.1 and 6-7-1-31.1, as amended, shall be deposited. Such fund shall be a cumulative fund and all of the moneys deposited into such fund shall be appropriated and used solely for capital improvements as hereinafter defined, and none of such moneys shall revert to the general fund or be used for any purpose other than capital improvements.
(`94 Code, § 31.08) (Ord. passed 7-19-65)