(A) Pursuant to Iowa Code § 523I.502, the city acts as the trustee for the perpetual maintenance of interment spaces at Sacred Heart and Oakland Cemeteries.
(B) A perpetual care trust has been established for Sacred Heart and Oakland Cemeteries in accordance with Iowa Code Chapter 523I, the state’s Cemetery Act. A restricted fund has been created, to be known and designated as the “Perpetual Care Cemetery Fund”, which is funded by the deposit of an amount equal to 20% of the gross selling price, for each sale of interment space within the cemeteries. The fund shall be administered in accordance with the purposes and provisions of Iowa Code Chapter 523I. The Perpetual Care Fund is maintained separate from all operating funds of the cemeteries and the principal of the fund shall not be reduced voluntarily, except as specifically permitted by the state’s Cemetery Act and applicable administrative regulations.
(C) A registry of individuals who have purchased interment rights in the cemeteries subject to the care fund requirements of the state’s Cemetery Act, including the amounts deposited in the Perpetual Care Cemetery Fund, shall be maintained by the city.
(Ord. D-028, passed 2-2-2016)