(A) In accordance with the requirements of I.C. 36-9-16-1 et seq., there is created a special fund to be known as the Capital Improvement Fund, into which the cigarette taxes allotted to the city by reason of I.C. 6-7-1-30.1, shall be deposited. The fund shall be a cumulative fund and all of the monies deposited into said fund shall be appropriated and used solely for capital improvements as hereinafter defined and none of such monies shall revert to the General Fund or be used for any purposes other than capital improvements.
(B) The term
CAPITAL IMPROVEMENT means the construction or improvement of any property owned by the city including, but not limited to, streets, thoroughfares and sewers and the retirement of general obligation bonds of the city issued, and the proceeds used for the purpose of constructing capital improvements. CAPITAL IMPROVEMENT shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(Ord. 65-618, passed 5-3-65)