(A) The fiscal body of the town shall, by ordinance or resolution, establish a Cumulative Capital Improvement Fund for the town. Except as otherwise provided in division (C), the town may only use money in its Cumulative Capital Improvement Fund:
(1) To purchase land, easements, or rights-of-way;
(2) To purchase buildings;
(3) To construct or improve city owned property;
(4) To design, develop, purchase, lease, upgrade, maintain, or repair:
(a) Computer hardware;
(b) Computer software;
(c) Wiring and computer networks; and
(d) Communications access systems used to connect with computer networks or electronic gateways;
(5) To pay for the services of full-time or part-time computer maintenance employees;
(6) To conduct nonrecurring in-service technology training of unit employees;
(7) To undertake Internet application development; or
(8) To retire general obligation bonds issued by the town for one of the purposes stated in division (1), (2), (3), (4), (5) or (6) above; or
(9) For any other governmental purpose for which money is appropriated by the fiscal body of the town.
(B) The money in the Town’s Cumulative Capital Improvement Fund does not revert to to General Fund.
(C) The town may at any time, by ordinance or resolution, transfer to:
(1) Its General Fund; or
(2) An authority established under I.C. 36-7-23;
money derived under this section that has been deposited in the town’s Cumulative Capital Improvement Fund.
(I.C. 6-7-1-31.1)