As used in this chapter:

"Board" refers to a capital improvement board of managers subject to or created under this chapter.

"Net income" means the gross income after deducting:

1. (1) the necessary operational expenses of the board in performing its duties (the expenses not to exceed the amount budgeted or approved); and

2. (2) any reserve provided for in the budget.

   As added by Acts 1982, P.L.218, SEC.3.