Of the amount arising from the sale of lots or burial spaces in the cemetery, the Treasurer shall allocate and set apart 33 and one-third percent as a permanent fund to be known as the “West Lawn Cemetery Perpetual Care Fund,” which shall be a permanent fund, and as it accumulates shall be invested and kept invested in such interest bearing securities as the Board of Commissioners of Educational Lands and Funds is authorized by law to invest the educational funds of the state and the income therefrom shall be used in the care, upkeep, ornamentation, or maintenance of such lots and burial spaces and the cemetery in general. The city may receive money by donation, bequest, or otherwise to be held in trust in perpetuity, and the money so received shall be invested as the “West Lawn Cemetery Perpetual Care Fund” is herein required to be invested and the income derived therefrom shall be expended as the West Lawn Cemetery Perpetual Care Fund is expended or as the donor may designate. The Treasurer shall be the custodian of the “West Lawn Cemetery Perpetual Care Fund” which shall be invested by a Board composed of the Mayor, Clerk, and Treasurer; and whenever investments are made by the Board, the nature and character of the same shall be reported to the Mayor and City Council and the investment report shall be made a matter of record by the Clerk in City Council proceedings. All other moneys, including income from the West Lawn Cemetery Perpetual Care Fund, accruing to the Cemetery Fund shall be credited, allocated, kept, and disbursed by the Treasurer under the head of “Cemetery General Fund.”
(Prior Code, § 91.02) (Ord. 1728, passed 6-23-2003)