There is hereby established a fund to be known as the Public Improvements Fund for the purpose of paying the cost of capital improvements. The Council shall have power to define the rules and regulations pertaining to such fund by ordinance, and shall have power to transfer from time to time monies from the General Fund to the Public Improvements Fund. Appropriations for construction or other permanent improvements from the Public Improvements Fund shall not lapse until the purpose for which the appropriation was made shall have been accomplished or abandoned; unencumbered balances from projects accomplished or abandoned shall be used for payment of any outstanding bonded indebtedness of the Town or if none, transferred to any other fund. Any unappropriated or unencumbered balance in the Public Improvements Fund may be transferred by the Council to any fund, or used to pay outstanding bonded indebtedness of the Town.