Purchasers of cemetery lots may create and the City may accept the custody and administration of permanent funds for the purpose of providing the perpetual care or beautification of designated lots in addition to the care provided from the Cemetery Operating Fund. All permanent funds so accepted shall be evidenced by an agreement in form prescribed and approved by the Director of Law, executed by the purchaser in his or her own behalf and by the Commissioner of Park Maintenance and Properties and the Director of Finance on behalf of the City. For the purpose of custody and investment, but not otherwise, the principal amount of the trust funds, whether created prior to the enactment of this section or under its terms, shall be treated as a permanent part of the Cleveland City Cemetery Endowment Fund. The earnings of the permanent funds shall be applied exclusively to the perpetual care and beautification of the designated lot for which the funds were accepted. The expenditure may be made each year as the earnings accrue, or a reserve may be accumulated of the earnings in such amount as the Commissioner may deem necessary to meet emergencies and unanticipated requirements.
(Ord. No. 957-11. Passed 10-24-11, eff. 10-26-11)