In accordance with the requirements of IC 6-7-1-12, 6-7-1-15, 6-7-1-28.1, 6-7-1-30.1 and 6-7-1-31.1, there is created a special fund to be known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to the town by reason of IC 6-7-1-30.1 shall be deposited. The fund shall be a cumulative fund and all of the monies deposited into the fund shall be appropriated and used solely for capital improvements as defined in § 36.031, and none of the monies will revert to the general fund or be used for any purposes other than capital improvements. The town may at any time transfer to its general fund any monies derived under this chapter, which have been deposited in the Cumulative Capital Improvement Fund.
('80 Code, § 3.08.010) (Ord. 7-1965, passed - -65; Am. Ord. passed - -79)
Statutory reference:
Authority to create Cumulative Capital Improvement fund to receive proceeds from cigarette tax, see IC 6-7-1-31.1