(A) The Sexton shall register grave spaces to establish a perpetual care and maintenance trust fund account in a financial institution. A financial institution includes a bank or savings and loan association authorized to do business in the state. This trust fund is an irrevocable trust fund. The income of the funds shall be used solely for general care, maintenance and embellishment of the cemetery, and to pay the cost of examinations by the Attorney General’s office.
(B) The trustee is the financial institution and it may release income to the cemetery upon receiving adequate certification that money has been spent for the authorized purposes. The agent has the authority to transfer the funds to another trustee upon notification to the Attorney General. In any transfer, the former trustee will transfer the funds directly to the newly designated trustee.
(C) The Sexton shall place into the perpetual care and maintenance trust fund of the cemetery in which the item is located, within 30 days after each calendar quarter of operation: 20% of each payment of the gross selling price of each grave space with a minimum of $20 per grave space or 10% of each payment of the gross selling price of each columbarium niche with a minimum of $15 per niche. Gross sales price does not include interest. The City Clerk, at the time of making deposit or investment, shall furnish to the financial institution the amount of payment for which the deposit or investment is being made.
(Ord. 519, passed 12-8-92; Am. Ord. B2022-12, passed 9-13-22)