(A) Fund established. The Cumulative Capital Improvement Fund is established.
(B) Purpose. This special fund is established for the purpose of receiving cigarette taxes allocated to the town pursuant to applicable state law and said funds shall not revert to the General Fund.
(C) Capital improvements. Such 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 obligation bonds and salaries of public officials and employees directly chargeable to a capital improvement.
(1985 Code, § 2-7-1)