Pursuant to the provisions of I.C. 36-9-17-1 et seq., a fund known as the Capital Improvement Fund is established. 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 the town, having been issued and the proceeds used for the purpose of constructing capital improvements.
(1995 Code, § 33.30)