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(A) There is created a special fund to be known as the Cumulative Capital Improvement Fund of the city, into which the cigarette taxes allotted to the city by reason of the state Cigarette Tax Law being I.C. 6-7-1, as amended, 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 as hereinafter defined, and none of the monies shall revert to the General Fund or be used for any purposes other than capital improvements.
(B) For the purpose of this section, the following definition shall apply unless the context clearly indicates or requires a different meaning.
(a) The construction or improvement of any property owned by the city, including but not limited to streets, thoroughfares, and sewers, and the retirement of general obligation bonds of the city, issued, and the proceeds used for the purpose of construction capital improvements.
(b) The term shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(1987 Code, § 2-186) (Ord. 1448, passed 11-29-1965)