(A) Creation of Fund. There is hereby created a fund to be known as the “Endowed Care Fund” for cemetery purposes, for the purpose of providing such care and maintenance for the cemeteries and grave spaces covered thereby as the net income of the Fund shall make possible.
(B) Administration. The Endowed Care Fund shall be administered in accordance with the provisions of the Cemetery Care Act of Illinois, approved July 21, 1947, and amendatory acts thereto [ILCS Ch. 760, Act 100, §§ 1 et seq.].
(C) Second Addition. All lots in the Second Addition to Mt. Evergreen Cemetery shall be under perpetual care.
(D) Principal.
(1) The principal of the Fund shall consist of the present principal or corpus of the Fund heretofore known as the Perpetual Care Fund, together with the 80% portion of the burial deed fees allocated as set forth in § 92.20(F) and the endowed care charges as set forth in division (D)(2) of this section.
(2) Owners of burial deeds which were previously purchased in Mt. Evergreen Cemetery may purchase endowed care therefor by paying the amount of $125 for a four grave lot, or $250 for an eight grave lot, less the price originally received by the village for the burial deed when originally issued.
(3) In accordance with the Cemetery Care Act [ILCS Ch. 760, Act 100, §§ 1 et seq.], all principal of this Fund is hereby irrevocably set aside for the production of income for the maintenance and care of First Addition to Mt. Evergreen Cemetery, and for such grave spaces in Mt. Evergreen Cemetery for which such endowed care shall have been purchased.
(4) The principal of this Fund shall be invested and kept invested by the Trustees in such securities as from time to time are eligible therefor under the Cemetery Care Act.
(E) Income. The net income of the Fund is hereby irrevocably pledged for the providing of such care and maintenance for First Addition to Mt. Evergreen Cemetery, and for the grave spaces in Mt. Evergreen Cemetery, for which endowed care shall have been purchased, to the extent that the income shall be available therefor.
(F) Trustees. Annually, on the first meeting of the new fiscal year, the President and Board of Trustees shall appoint one Trustee of the Endowed Care Fund. At any time during the fiscal year upon the death, resignation or removal from office, the President and Board of Trustees shall have the right to fill such vacancy or vacancies as may from time to time occur, the person so appointed to fill the vacancy to serve for the unexpired term thereof.
(1) Each Trustee appointed for a full term shall serve a term of three years.
(2) Each Trustee prior to the making of any official acts on his part shall take and subscribe to the oath as set out hereinabove for other village officers.
(3) The Trustees shall not receive any compensation for their services in this behalf.
(G) Duties of Trustees.
(1) It shall be the duty of the Trustees to receive from the Village Clerk all money allocated and to be added to the principal of this fund and to keep the same invested as hereinbefore provided.
(2) Annually, at the regular monthly meeting of the President and the Board of Trustees held in the month of April in each year, the Trustees shall make a report to the President and Board of Trustees, showing the condition of the Endowed Care Fund on the preceding April report, receipts of principal subsequently, and collections and disbursements of income. The report shall show the assets or securities presently on hand in which the principal of the Fund shall have been invested.
(3) Upon receipt of a bill approved by the Board of Trustees showing the cost of endowed care rendered by the village during the preceding year, the Trustees shall pay the bill to the extent permitted by the income collected on the fund. At no time shall any of the principal be used for the payment of the cost of the endowed care.
(4) Whenever all past and current bills for endowed care have been paid by the Trustees to the village for reimbursement thereof, the remaining income in the fund may be invested in securities such as are permitted for the investment therein of principal. Such invested income shall be identified as such and thereafter shall be subject to liquidation and disbursement in payment of endowed care expense.
(H) Reimbursement to village for care. Between the regular monthly meetings to be held in the months of April and May in each year, the Cemetery Committee of the village shall audit the cemetery account and disbursements, and therefrom prepare a statement showing the cost and expense of rendering endowed care for the preceding fiscal year. The account shall be submitted to the Board of Trustees at the regular monthly meeting held in May of each fiscal year for its approval. Upon approval by the Board of Trustees the statement shall be rendered to the Endowed Care Fund Trustees representing the charge to be made against the income of the Endowed Care Fund for endowed care rendered during the preceding fiscal year. The account shall be kept on a cumulative basis, and any excess of expense over income collected in any preceding year shall be carried forward until such time as the account may balance and shall be thereafter continued from time to time.
('73 Code, § 15.12)