(A) In accordance with the requirements of I.C. 6-7-1-31.1, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund, into which the cigarette taxes allotted to the town by reason of I.C. 6-7-1-30.1 shall be deposited. Said fund shall be a cumulative fund and all of the monies deposited into said 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 purposes other than capital improvements.
(B) The term CAPITAL IMPROVEMENT means the construction or improvements of any property owned by the town; purchase of land, easements or rights-of-way; purchase of buildings; and retirement of general obligation bonds issued for any of the foregoing purposes; however, the Town Council may at any time, by ordinance or resolution, transfer any monies in the Cumulative Capital Improvement Fund to the General Fund, and appropriate such monies for other purposes.
(1984 Code, § 10-4-2)