(a) There is hereby established a Cemetery Endowment Fund in the initial amount of seven thousand two hundred seventy-three dollars and twenty-four cents ($7,273.24).
(b) Council pledges the faith and credit of the Village to forever hold such moneys as a permanent fund and to pay the caretaker of the cemetery in semi-annual payments as interest on the funds, a sum sufficient to provide perpetual care of the cemetery lots.
(Ord. 1041-74. Passed 9-16-74.)
(c) The Treasurer of the Board of Cemetery Trustees and, where necessary, the Village Clerk, shall invest such funds and keep them invested in interest bearing bonds or certificates of deposit and financial institutions within this State.
(Ord. 1283-83. Passed 7-18-83.)