(a) A unit may establish a cumulative building or sinking fund or cumulative capital improvement funds to provide money for one (1) or more of the following purposes:

1. (1) To purchase, construct, equip, and maintain buildings for public purposes.
2. (2) To acquire the land, and any improvements on it, that are necessary for the construction of public buildings.
3. (3) To demolish any improvements on land acquired under this section, and to level, grade, and prepare the land for the construction of a public building.
4. (4) To acquire land or rights-of-way to be used as a public way or other means of ingress or egress to land acquired for the construction of a public building.
5. (5) To improve or construct any public way or other means of ingress or egress to land acquired for the construction of a public building.

(b) In addition to the purposes described in subsection (a), a cumulative capital improvement fund may be used to purchase body armor (as defined in IC 35-47-5-13 (a)) for active members of a police department under:

1. (1) IC 36-5-7-7 ;
2. (2) IC 36-8-4-4.5 ;
3. (3) IC 36-8-9-9 ; and
4. (4) IC 36-8-10-4.5 .

(c) A municipality may establish a cumulative capital improvement fund for a purpose described in IC 6-7-1-31.1 .

[Pre-Local Government Recodification Citation: 18-6-1-1 part.]

As added by Acts 1981, P.L.309, SEC.89. Amended by P.L.199-1988, SEC.5; P.L.8-2009, SEC.3; P.L.113-2010, SEC.152; P.L.34-2010, SEC.9; P.L.42-2011, SEC.85.