(A) In accordance with the provisions of I.C. 6-7-1-31-1, there is established a special fund known as the Cumulative Capital Improvement Fund of the town into which the cigarette taxes allotted to the town by reason of I.C. 6-7-1-30.1 as amended shall be deposited. The fund shall be a cumulative fund and all of the monies deposited into the fund shall be appropriated and used solely for capital improvements as hereinafter defined and none of such monies shall revert to the general fund or be used for any purpose other than capital improvements.
(B) (1) The term “capital improvements” means 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 town issued used for the purpose of constructing capital improvements and, including but not limited to, the ability to:
(a) Purchase land, easements, or rights-of-way;
(b) Purchase buildings;
(c) Construct or improve town-owned property;
(d) Design, develop, purchase, lease, upgrade, maintain, or repair:
1. Computer hardware;
2. Computer software;
3. Wiring and computer networks; and
4. Communications access systems used to connect with computer networks or electronic gateways;
(e) Pay for the services of full- or part-time computer maintenance employees;
(f) Conduct nonrecurring in-service technology training of unit employees;
(g) Undertake internet application development; or
(h) Retire general obligation bonds issued by the city or town for one of the purposes stated in subsections (a),(b),(c),(d),(e), or (f).
(2) The term capital improvement shall not include salaries of any public official or employees except those which are directly chargeable to a capital improvement.
(I.C. 6-7-1-31.1) (Ord. 37, passed 6-23-65)