(A) In according with state law, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to the city by reason of state law shall be deposited.
(B) Such fund shall be cumulative fund and all of the monies deposited into such fund shall be appropriated and used solely for capital improvements and none of such monies shall revert to the General Fund to be used for any purposes other than capital improvements.
(C) The term CAPITAL IMPROVEMENT shall mean the purchase of real property or any building or buildings for use by the city in any governmental or proprietary function of the city or the construction or improvement of any city-owned property, or easements or rights-of-way, including but not limited to streets, thoroughfares and sewers, but shall not include salaries of any public officials or employees, except that directly chargeable to such improvements.
(D) Such funds may also be used to retire any general obligation bonds of said city or town issued for the purpose of purchase or construction of improvements which would qualify for use of such funds.
('77 Code, § 2-2) (Ord. 156, passed 6-6-65)