(A) There is hereby established a fund to be known as the Gibbon Riverside Cemetery Perpetual Care Fund for the general care, management, maintenance, improvement, beautifying and welfare of the Gibbon Riverside Cemetery. The city may set aside a portion of the proceeds from the sale of lots to the Fund. Others may add to the Fund by donation, bequest or otherwise.
(B) Income and principal of the Fund may be used for the general care, management, maintenance, improvements, beautifying and welfare of the cemetery.
(1) However, no more than 20% of the principal may be used in any fiscal year and no more than 40% of the principal may be used in any period of ten consecutive fiscal years for these purposes.
(2) The principal may also be used for the purchase and development of additional land to be used for cemetery purposes, however, no more than 25% of the principal may be used in any fiscal year and no more than 35% of the principal may be used in any period of ten consecutive fiscal years.
(C) A donor may designate the use of the income and principal donated by that donor within the parameters of the above limitations.
(D) The city may invest and maintain such funds separate from the General Fund of the city.
(E) This section shall not apply to any money that comes to the city that is not designated to be credited to the Fund.
(2000 Code, § 3-901) (Ord. 600, passed 9-18-2017)