That portion of receipts from the sale of any cemetery lot which is designated as the endowment cost shall be paid into the account of a fund of the cemetery established and designated as the Cleveland City Cemetery Endowment Fund, the principal and interest of which shall be used for the purpose of the enlarging, improving, embellishing, operating, maintaining or caring for the cemeteries of the City. The balance shall be invested by the Director of Finance, or by the Director’s successor designated for the purpose by ordinance, in securities in which sinking funds or municipal trust funds are authorized by statute or ordinance to be invested. Any unencumbered portions at any time uninvested shall be kept on deposit, at interest, in regular City depositaries. The principal and earnings from the Cleveland City Cemetery Endowment Fund shall be used to defray the cost of maintaining and caring for the cemeteries, including any common structures, any structures erected on lots or burial sites, the drives, walks, and general improvements to the cemeteries.
(Ord. No. 957-11. Passed 10-24-11, eff. 10-26-11)