(A) For the purpose of this section, "CAPITAL IMPROVEMENTS" shall mean the construction or improvement of any property owned by the town including but not limited to streets, thoroughfares, and sewers, and the retirement of general obligation bonds of the town issued, and the proceeds used for the purpose of constructing capital improvements. The term "CAPITAL IMPROVEMENT" shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(B) In accordance with the requirements of IC 6-7-1-31.l there is created a special fund to be known as the Cumulative Capital Improvement Fund of the town, into which the cigarette taxes allotted to the town by reason of IC 6-7-1-31.l of the "Indiana Cigarette Tax Law," being IC 6-7-1 as amended shall be deposited. The Fund shall be a cumulative fund and all the moneys deposited into the Fund shall be appropriated and used solely for capital improvements as defined in division (A) of this section, and none of the moneys shall revert to the General Fund or be used for any purpose other than capital improvements.
(Ord. 444, passed 7-6-65)