The Board of Managers shall invest the funds of the Dodge Grove Cemetery in municipal bonds of the state, securities of the U.S. government or securities guaranteed by the U.S. government, the securities of building and loan associations located in the city, or upon note and first mortgages securing the same upon real estate within this state, of a value in double the amount of the debt, drawing interest semi-annually, and they shall require abstracts and other proof of title or validity in connection therewith, all with the approval of the Mayor and City Clerk. Such securities shall at once be deposited in the custody of the Treasurer of the Board of Managers and shall be accounted for to his successors in office from time to time and held in trust forever for the purposes specified and none other. All notes or other papers which are payable to order shall be made to the city for the use and benefit of Dodge Grove Cemetery. Releases for mortgages shall be executed by the Mayor and Clerk.
('68 Code, § 17.16)