§ 2-201. Cumulative capital improvement fund.

(a)

Definitions. The following words, terms and phrases, when used in this section, shall have the meanings ascribed to them in this subsection, except where the context clearly indicates a different meaning:

Capital improvement means any item for which an expenditure is allowable pursuant to IC 36-1-1-31.1.

(b)

Created; deposits and disbursements. In accordance with the requirements of IC 6-7-1-31.1, there hereby is created a special fund to be known as the "Cumulative Capital Improvement Fund of the City of Logansport, Indiana," into which the cigarette taxes allotted to the city by reason of IC 6-7-1-30.1(e) shall be deposited. Such fund shall be a cumulative fund and all of the moneys deposited into such fund shall be appropriated and used solely for capital improvements and none of such moneys shall revert to the general fund or be used for any purpose other than capital improvements.

(Code 1974, § 1-5)