(a) A municipality may establish a cumulative street fund to provide money for:

1. (1) the acquisition of rights-of-way for public ways or sidewalks; or
2. (2) the construction or reconstruction of public ways or sidewalks.

(b) A cumulative street fund may be established by a municipal legislative body through the adoption of a resolution.

As added by Acts 1981, P.L.307, SEC.2.