(A) In accordance with the requirements of § 8 of Chapter 225, Acts 1965 General Assembly, there is hereby created a special fund to be known as the “Cumulative Capital Improvement Fund of Monon”, into which the cigarette taxes allotted to the town, by reason of subsection C(1)(C) of § 27C and § d of the Indiana Cigarette Tax Law, being Ch. 222 of the Acts of 1947, as amended, shall be deposited.
(B) The Fund shall be a cumulative fund and all monies deposited into the Fund shall be appropriated and used solely for capital improvements, as hereinafter defined, and none of the monies shall revert to the General Fund or be used for any purposes other than capital improvements.
(C) CAPITAL IMPROVEMENTS shall mean the construction or improvement of any property owned by the town, including, but not limited to, streets, thoroughfares, sewers, the retirement of general obligation bonds and the proceeds used for the purpose of constructing capital improvements. Capital improvements shall not include salaries of any public officials or employees, except those which are directly chargeable to a capital improvement.
(1998 Code, § 4-1)