HomeMy Public PortalAbout2129-1965 - Creating a Cumulative Capital Improvement FundORDINANCE NO.-X/ _�-1-1965
AN ORDINANCE TO CREATE A CUMULATIVE CAPITAL IMPROVEMENT FUND FOR THE
CITY OF RICHMOND, INDIANA.
BE IT ORDAINED by the common council of the City of Richmond, 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 Richmond,
Indiana, into which the cigarette taxes allptted to Richmond, Indiana,
by reason of subsection C T1) (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 Richmond, Indiana,
including but not limited to streets, thoroughfares and sewers and the
C.
retirement of general obligation bonds of Richmond, Indiana issued,
and the proceeds used for the purpose of constructing capital improve-
ments. The term capital improvement shall not include salaries of
any public officials or employees except those which are directly
chargeable to a capital improvement.
SECTION 3. The ordinance shall be in full force and effect from and
after its passage and approval by the Mayor.
PASSED AND ADOPTED THIS day of 1965.
Attest:
YREjENT to the
day of ,
Mayor of the City of Richmond
1965.
APPROVED -by me, Edward L.
Indiana, this _Y.._ day
Attest:
�President�
ndiana, this
City/ ClA/ek
ty of Richmond,
Cc ell, Mayor of the
of r - 1965•
Mayor
i