(a) All perpetual care funds received by the City from this date forward shall be deposited with the Auditor and properly invested by him.
(b) All perpetual care funds currently held by and on deposit with the Clerk of Council shall be transferred immediately to the Auditor and properly invested by him.
(c) All interest earned on such invested funds shall be paid semi-annually by the Auditor to the Director of Public Service for the perpetual care of the applicable cemetery lot as agreed by the Director of Public Service.
(d) The purpose and intent of this section is to formally declare and designate the Auditor as the sole City official who shall receive and invest all current and future perpetual care funds on behalf of the City.
(Ord. 88-24. Passed 6-16-88.)