(A) In accordance with the requirements of I.C. 36-9-16-1 et seq., there is hereby created a special fund to be known as the cumulative capital improvement fund of the city into which the cigarette taxes allotted to the city by reason of Indiana Cigarette Tax Law, being I.C. 6-7-1-30.1, shall be deposited, the fund shall be a cumulative fund and all of the monies deposited into the 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 IMPROVEMENTS 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. The term
CAPITAL IMPROVEMENTS shall not include salaries of any public officials or employees except those which are directly chargeable to a capital improvement.
(Ord. 320, passed 7-12-65)