In the bylaws and regulations, the Service Director may declare the amount of money he or she will accept as a permanent fund for the perpetual care of the lot or lots designated. He or she shall pledge the faith and credit of the City for such perpetual care, using only the interest or income of the money. On receipt of the sum of money, the Service Director shall issue a written receipt and acknowledgment thereof and bind the faith and credit of the City to forever hold such money as a permanent fund to provide perpetual care of the lot or lots therein named. He or she shall enter on the minutes of his or her record book his proceedings in full detail and shall enter the receipt and income of the money and the expenditures thereof in detail on his or her books of accounts, keeping each case separately.
The Service Director shall turn over to Council all funds coming into his or her possession for such perpetual care, rendering a full statement thereof, i.e. by whom, when and for what purposes paid. The Clerk of Council shall acknowledge receipt thereof in writing to the Service Director. Council pledges the faith and credit of the City to forever hold any of such moneys as a permanent fund and to pay in semiannual payments to the Service Director as interest on the funds a sum sufficient to provide perpetual care of the lot or lots as agreed by the Director. Council shall invest and keep invested such funds in interest-bearing debts of the City and, if not in such debts, in safe interest-bearing bonds or interest-bearing certificates of deposit in financial institutions within the State, authorized by law to accept deposits and which are subject to inspection by either the United States or the State.
The Service Director shall report quarterly to Council all moneys received and disbursed by him or her for such perpetual care and shall make an annual report on the first Monday of January of each year. Such annual report shall contain a pertinent statement as to whether or not the funds if there are any on hand, are invested and the character of the securities therefor and such other matters as the Service Director deems expedient of Council requires for the proper management and care of Euclid Cemetery.
(Ord. 7810. Passed 1-17-44.)