(A) There is hereby created and established a Capital Improvements Fund for the town which shall not be subject to fiscal operations.
(B) The proceeds of said fund, together with any interest thereon, may, at the discretion of the Town Board of Trustees, be used for the following purposes only:
(1) To meet principal and interest requirements on general obligation bonds;
(2) When general obligation bond requirements are met, to make cash expenditures for capital improvements or equipment for street, electric, water, storm drainage, or sewer purposes; or
(3) Where transfers from said fund or any part thereof to a sinking fund or other appropriate municipal or trust fund are necessary to accomplish such purpose, the Town Board is authorized to make such transfer of funds.
(Prior Code, Ch. 7, Art. 1, § 3)