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A financial institution authorized by law to administer trust funds shall be appointed trustee for the City Cemetery Perpetual Care Trust Fund hereby created and, upon acceptance by the bank, the appointment shall be irrevocable, except as herein provided.
(Prior Code, § 95.04) (Ord. passed 3-21-1960)
The Trustee shall serve for the duration of the Trust which is perpetual, or until the Trustee shall resign or be removed for cause by a court of competent jurisdiction after due hearing and adjudication. The Trustee shall not be removable by the governing body of the city.
(Prior Code, § 95.07) (Ord. passed 3-21-1960)
The Trustee shall file an annual report and audit with the governing body of the city, setting forth the assets of the fund, where and how invested and the income from same, and same shall constitute a public record.
(Prior Code, § 95.08) (Ord. passed 3-21-1960)
The Trustee shall, after deducting all costs of maintaining, handling and inventing the fund, pay to the city all income from the fund, the payments to be made quarterly on March 31, June 30, September 30 and December 31 of each year.
(Prior Code, § 95.09) (Ord. passed 3-21-1960)
The city shall keep the funds so paid to it by the Trustee, together with funds from any other source for maintenance purposes, separate and apart from all other funds and shall expend same solely for the upkeep and maintenance of the cemetery. If, at the end of any calendar year, there should exist any surplus over and above that required for the upkeep and maintenance, same shall be repaid to the Trustee who shall reinvest same or place same in an emergency account as is deemed best by the Trustee.
(Prior Code, § 95.10) (Ord. passed 3-21-1960)
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