Council shall, within ninety (90) days after the effective date of this Charter, adopt an ordinance creating a Capital Improvement Fund. Such ordinance shall provide and require, inter alia, that all proceeds received by the municipality from Ohio estate taxes be placed in said fund and further that no disbursements from such fund, whose source was ohio estate taxes, be made unless for capital improvements which may include real property acquisition and improvements, street construction and reconstruction, building construction and such other lawful disbursements for permanent improvements as Council may, in its discretion, determine to be proper for the permanent improvement and beautification of the municipality. Dividend and interest income generated by monies in the Capital Improvement Fund shall be credited to the General Fund of the municipality.
(Amended by electors 11-2-93.)