(A) There is established a special fund to be known as the Cumulative Capital Improvement Fund into which the cigarette taxes allotted to the city by state law shall be deposited. This fund shall be a cumulative fund and all of the monies deposited into the fund shall be appropriated and used solely for capital improvements, and none of such monies shall revert to the General Fund of the city or be used for any purposes other than capital improvements.
(B) For the purpose of this section, the following definition shall apply.
CAPITAL IMPROVEMENTS. The construction or improvement of any property owned by the city, including but not limited to streets, thoroughfares and sewers and the retirement of the city's general obligation bonds, and the proceeds used for the purpose of constructing capital improvements; it shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
('79 Code, § 2-2) (Ord. 311, passed 5-11-65)
Statutory reference:
Cumulative Capital Improvement Fund required, see I.C. 6-7-1-31.1
Allocation of monies by state to city, see I.C. 6-7-1-30.1