CUMULATIVE CAPITAL IMPROVEMENT FUND

§ 36.030 ESTABLISHMENT.

   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

§ 36.031 PURPOSE OF FUND.

   The Cumulative Capital Improvement Fund may only be used for the following purposes:

   (A)   To purchase land, easements, or rights-of-way;

   (B)   To purchase buildings;

   (C)   To construct or improve municipally-owned property;

   (D)   To retire general obligation bonds issued for one of the purposes stated in divisions (A), (B), or (C) of this section.

('80 Code, § 3.08.020)

CUMULATIVE NON-REVERTING ECONOMIC DEVELOPMENT FUND

§ 36.045 CREATION; PURPOSE.

   There is created a special non-reverting fund to be used for economic development projects, signage, historic development, festival promotion and/or tourism.

(Ord. 1993-16, passed - -93)

§ 36.046 GRANTS AND GIFTS.

   Grants or gifts received for the above stated purpose shall be deposited into the fund and used for the stated purpose.

(Ord. 1993-16, passed - -93)