The City pledges its faith and credit to forever hold as a permanent fund, to be known as the Cemetery Trust Fund, a portion of moneys, as determined by the Safety-Service Director, received from the purchases of burial spaces and lots. Council shall authorize the Treasury Investment Board, as its agent, to invest and keep invested such funds in safe, interest-bearing bonds or certificates of deposit in financial institutions within the State, that are authorized by law to accept deposits and which are subject to inspection by either the United States or by the State, or to invest such moneys as may hereafter be determined by law. All interest income derived from this Fund shall be deposited to the Cemetery Maintenance/Improvement Fund.
(Ord. 82-9. Passed 1-19-82.)