§ 36.16. CUMULATIVE CAPITAL IMPROVEMENT FUND (CIGARETTE TAX) CREATED.

(A) There is established a "Cumulative Capital Improvement Fund" into which the proceeds of cigarette tax moneys will be deposited after being received from distributions from the State of Indiana for the purposes as provided by Chapter 225 of the Acts of 1965 as amended, said fund to remain in effect and in existence for so long as statutory authorization therefor remains in existence in the State of Indiana. Funds deposited in this Capital Improvement Fund may be used for the following purposes:

(1) For acquisition of real property, buildings, rights-of-way or easements;

(2) For construction or improvement of municipally owned property, including but not limited to streets and sewers;

(3) For payment of salaries or wages of public officials or employees, but only to the extent that any such compensation is directly attributable to services performed in connection with functions described under subsections (1) or (2);

(4) For retirement of any general obligation bonds sold by the town to finance costs incurred for purposes described under subsections (1) through (4).

(B) However, the Town Council may by resolution transfer any unappropriated moneys in the Cigarette Tax Cumulative Capital Improvement Fund to the General Fund at any time and use such transferred moneys for any purpose for which General Fund moneys may lawfully be appropriated and expended.

(`86 Code, § 9-3-2) (Ord. 86-C16, passed 9-30-86)