(A) None of the proceeds received from the state under I.C. 36-9-16 shall be deposited in the General Fund of the city, nor shall any of the funds so deposited revert to the General Fund of the city, but such funds shall be appropriated and used solely for capital improvements of the city.
(B) Such funds from the capital improvement fund may also be used to retire any general obligation bonds of the city issued for the purpose of the construction of improvements, which would qualify for the use of such funds.
(Prior Code, § 2-373)