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(A) The city hereby covenants to maintain lots on which perpetual care has been paid, provided that all lots on which perpetual care has been paid shall be maintained in a like condition.
(B) The existing “Cemetery Perpetual Care Funds of the City of Cheboygan” and all monies hereafter paid for perpetual care shall constitute the “Cemetery Perpetual Care Funds of the City of Cheboygan” and shall be segregated from all other funds of the city, said principal to be held in trust for perpetual care purposes and invested as herein provided; and no part of said trust shall be used except for deposit or investment in bonds of the United States, State of Michigan and any political subdivision thereof, or certificates of deposit of any bank. Provided, however, said money may be loaned to the city on its promissory note or other evidence of debt in which case the city shall pay interest on monies borrowed that is reasonable and just.
(C) All payments for perpetual care shall be paid to the City Treasurer for deposit in the account of “Cemetery Perpetual Care Funds of the City of Cheboygan.” The perpetual funds shall be invested by the City Treasurer in the above-mentioned securities upon authorization of the City Council.
(Ord. passed 7-13-99)