(A) Fund established. The Cumulative Capital Improvement Fund is established.
(B) Purpose. This special fund is created for the purpose of receiving cigarette taxes allocated to the town pursuant to applicable state law, and the funds shall not revert to the General Fund.
(C) Capital improvements. Monies shall be used solely for capital improvements, herein defined as the construction or improvement of any property owned by the town, including but not limited to streets, thoroughfares, and sewers, the retirement of general obligations bonds, and salaries of public officials and employees directly chargeable to a capital improvement.
(1992 Code, § 2-158) (Ord. 275, passed - -)