(A) There is created in the town’s General Fund Treasury the Kershaw Cemetery Fund. Monies collected from memorial donations and sales of cemetery lots must be deposited in this fund. Monies in the town’s General Fund Treasury named the Cemetery Account may be invested and reinvested only in those investments authorized in S.C. Code Ch. 5, Title 6, and the state’s Pooled Investment Fund. Decisions on the investment of monies in the Cemetery Account shall be made in the same manner and subject to the same process as other funds of the town are invested. Earnings from the investment of monies in the fund must be credited in the town’s General Fund to the Cemetery Account. Unless otherwise provided by the Council, the principal or corpus of the fund shall be maintained and shall be used for no other purpose than generating earnings to be used for the operating expenses of the cemetery.
(B) There is created in the town’s General Fund Treasury the Cemetery Fund. Funds credited to the General Fund’s Cemetery Account must be used only for the management, upkeep and maintenance of the cemetery. Monies in the Cemetery Account may be invested and reinvested only in those investments authorized in S.C. Code §§ 6-5-10 et seq., and the state’s Pooled Investment Fund. Decisions on the investment of monies in the town’s General Fund Cemetery Account shall be made in the same manner and subject to the same process as other funds of the town are invested. Earnings from the investment of monies in cemetery fund account must be credited to the Cemetery Fund.
(C) Monies in the town’s General Fund Cemetery Account are the property of the town and must be audited in the same manner as other monies of the town.
(Ord. 2021-003, passed 3-15-2021)