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(A) Definition. For the purpose of this section CAPITAL IMPROVEMENTS shall mean 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 constructing capital improvements. The term CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(B) In accordance with the requirements of § 8 of Chapter 225, Acts of 1965 of the General Assembly, there is hereby created a special fund to be known as the Cumulative Capital Improvement Fund, into which the cigarette taxes allotted to the city, by reason of subsection C(1)(C) of § 27C and 27D of the Indiana Cigarette Tax law being Chapter 222 of the Acts of 1947 as amended, shall be deposited. This Fund shall be a cumulative fund and all of the moneys deposited into the Fund shall be appropriated and used solely for capital improvements as defined above and none of those moneys shall revert to the General Fund to be used for any purposes other than capital improvements.
('71 Code, § 33.08) (Ord. 1275, passed 7-27-65)