There is hereby established a special fund to be known as the Capital Improvement Fund. Money paid into the Capital Improvement Fund shall be used only for:
(a) Payment of the costs of constructing or acquiring (whether by outright purchase, lease, or lease-purchase and irrespective of whether payment is made in installments or in a lump sum) of capital improvements; or
(b) Payment of debt service on any bonds or notes issued by the City to finance the construction, purchase or acquisition of capital improvements.
As used in this section, "capital improvement" means any property, assets or improvement having an estimated life or period of usefulness of one year or more, and includes, but is not limited to, real estate, buildings, personal property, and interests in real estate, buildings, personal property, equipment, furnishings, site improvements, and reconstruction rehabilitation, renovation, installation, improvement, enlargement and extension of property, assets or improvements having an estimated life or period of usefulness of one year or more. (Enacted 11-8-94)