(A) By virtue of the powers granted by I.C. 36-9-17, there is hereby created a fund to be known as the General Improvement Fund, which shall be used to pay for the construction, repair or improvement of streets, alleys, sidewalks, curbs, gutters and sewers. This Fund shall consist of funds realized from the collection of all special assessments for benefits to property for the construction, repair or improvement of streets, alleys, sidewalks, curbs, gutters and sewers, together with any appropriations made from the General Fund of the city or from taxes levied by the Common Council of the city for those purposes.
(B) The Fund shall be kept, maintained, used and limited in accordance with the provisions of the above cited statutes and may be built up to an aggregate amount of not to exceed $0.50 on each $100 of taxable property, real and personal, in the city.
(Prior Code, § 2-2) (Ord. passed 1-11-1954; Ord. passed 1-25-1954)