(A) There is hereby created a fund known as Cumulative Capital Improvement Fund to be used solely for capital improvements of this town.
(B) CAPITAL IMPROVEMENT is hereby defined to mean that construction or improvement of any town owned property, including but not limited to streets, thoroughfares and sewers, but shall not include salaries of any public officials or employees, excepting those directly chargeable to such improvements.
(C) Within the above definition set out in division (B) hereof, payment made to retire any general obligation bonds of said town for the purpose of construction or improvement which could be qualified under the definition as contained in division (B) above, shall also be permitted from this fund.
(D) In the future, sums may be expended from said Cumulative Capital Improvement Fund as may be permitted by the statutes of the State of Indiana or regulations as promulgated by the Indiana State Board of Accounts.
('92 Code, § 35.01) (Ord. 170, passed 9-13-65)