HomeMy WebLinkAbout1965-OR-1651ORDINANCE NO.
AN ORDINANCE TO CREATE A CUMULATIVE
CAPITAL IMPROVEMENT FUND
BE IT ORDIANED BY THE COMMON COUNCIL of the City of Jeffer-
sonville, Indiana:
Section 1.
In accordance with the requirements of section 8 of Chapter
225, Acts 1965 General Assembly, there is hereby created a
special fund to be known as the Cumulative Capital Improvement
Fund of Jeffersonville into which the cigarette taxes allotted
to Jeffersonville by reason of subsection C (1) (C) of section
27C and section 27d of the Indiana Cigarette Tax Law being
Chapter 222 of the Acts of 1947 as amended shall be deposited.
Said 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.
Section 2.
The term "capital improvements'~ means the construction or
improvement of any property owned by the City of Jeffersonville
including but not limited to streets, thornDghfares and sewers
and the retirement of general obligation bonds of Jeffersonville
issued, and the proceeds used for the purpose of contructing
capital improvements. The term capital improvement shall not
indnde salaries of any public officials or employees except those
which are directly chargeable to a capital improvement.
Section 3.
This ordinance shall be in full force and effect from and
after its passage and approval.
Passed and adopted by the Common Council this ~ day of
A~gust, 1965.
Approved and signed by me this
MAYOR
Presented by me as Clerk-Treasurer to the Mayor of said
City of Jeffersonville, this ~ .day of August, 1965.
'~. day of August, 1965.
MAYOR