(A) There is hereby established a Cumulative Capital Improvement Fund, into which the proceeds of cigarette tax money will be deposited after being received from distribution from the state for the purposes as hereafter outlined and as provided by Chapter 225 of the Acts of 1965, as amended; the fund to remain in effect and in existence for so long as statutory authorization therefor remains in existence in the state. Funds deposited in this capital improvement fund may be used for the following purposes:
(1) For acquisition of real property, buildings, rights-of-way or easements.
(2) For construction or improvement of municipally owned property, including, but not limited to, streets and sewers.
(3) For payment of salaries or wages of public officials or employees, but only to the extent that the compensation is directly attributable to services performed in connection with functions described under divisions (A)(1) and (A)(2) above;
(B) The Town Council may, by resolution, transfer any unappropriated money in the cigarette tax cumulative capital improvement fund to the General Fund at any time, and use that transferred money for any purpose for which General Fund money may lawfully be appropriated and expended.
('85 Code, § 2-7-5) (Ord. 1985-C10, passed 9-16-85)