(A) The city creates the Cumulative Capital Improvement Fund.
(B) All distributions received from the Cumulative Capital Improvement Fund of the State Cigarette Tax Fund shall be deposited in the Cumulative Capital Improvement Fund.
(C) Disbursements from the Fund shall be made only for the construction or improvement of any city- owned property, including, but not limited to streets, thoroughfares and sewers. Disbursements may also be made to retire general obligation bonds of the city issued for the construction of improvements which would qualify for use of those funds.
(D) No disbursements shall be made from the Fund for the salaries of any employee or public officials except for expenses directly chargeable to the improvements listed in division (C) of this section.
(1985 Code, § 36-9-16-3) (Ord. 32-1965, passed 11-2-1965)
Statutory reference:
Cumulative Capital Improvement Fund, see I.C. 36-9-16-3