(A) The Clerk-Treasurer is hereby directed and authorized to establish and maintain a fund entitled the “Endowment Fund for Park Cemetery”.
(B) The monies held in the Endowment Fund for Park Cemetery shall be held in a separate account from the general operating funds for the park cemetery.
(C) The Endowment Fund for Park Cemetery shall be funded with monies received by the city that are not otherwise required to be used for purposes for which such monies were received. Monies held in the Endowment Fund for Park Cemetery shall be invested by the Clerk-Treasurer in accordance with the investment policies set forth in § 30.11.
(D) On an annual basis, the Clerk-Treasurer shall separately credit each bequest or account with the interest earned on the principal amount of such bequest or account. At the end of each fiscal year, to the extent the interest earned on any bequest or account exceeds 10% of the principal amount of such bequest or account (“Excess Interest Earnings”) and remains unspent, the Clerk-Treasurer shall transfer such excess interest earnings, to the operating fund for the park cemetery for the perpetual care of all lots in park cemetery.
(Ord. 1988-2, passed 3-24-1988; Ord. 1997-12, passed 7-24-1997)