(a) Created; Permanent Endowment Fund. There is hereby authorized the creation of a Memorial Cemetery Association Board, authorized to create a permanent endowment fund, the income from which is to be annually spent by such Memorial Cemetery Association Board, or its successors, in beautifying and maintaining the Williams Cemetery.
(b) Composition; Terms. The Memorial Cemetery Association Board shall consist of five members, to be appointed by Council. Such directors shall be appointed to terms of one, two, three, four or five years.
(c) Endowment Fund.
(1) The permanent endowment funds are to be created by depositing in such funds all permanent funds derived from all sources set aside by the Board of Directors of such association, and by donations, gifts and bequests made to such Memorial Cemetery Association Board for such purpose.
(2) The principal of the permanent endowment fund shall be invested in some safe securities, to be approved by the Memorial Cemetery Association Board, or its successors, in the name of the trustee appointed as hereinafter provided. Such trustee shall make an annual report to the Board of such cemetery association showing the amount of permanent endowment fund at the beginning of each year, the names of the donors, if any, and the amount contributed by each during the year in which the report is made, the income derived from such fund during the year and the amount on hand at the end of each year, and a copy of such report shall be filed with the Recorder of the City. The trustee during the year, or at the end thereof, shall turn over to such cemetery association, or its successors, all income derived from such permanent endowment fund during the year, which shall be expended in accordance with this article.
(3) The funds obtained as set forth in this article are to be used for the perpetual care, preservation, maintenance, improvement and/or embellishment of the Williams Cemetery, including the erection, repair and preservation of tombs, monuments, gravestones, fences, railings, walks or other structures thereon, and the planting, trimming, watering and removing of any tree, shrub or other plant or plants thereon.
(d) Appointment of Trustee; Bond. The Board of the Association shall appoint a trustee, to act as trustee for a period of two years or until his or its successor is appointed. Such trustee shall be known as the trustee of the permanent endowment fund of such cemetery association and shall, immediately upon his appointment and acceptance of the trust, give bond to the Memorial Cemetery Association Board, with good security approved by the Board in an amount equal to the sum which may come into the hands of such trustee, which bond shall be increased or diminished from time to time so as always to be equal to the funds in such trustee’s hands. The cost of such bond shall be an administrative cost of the Memorial Cemetery Association Board.
(e) Obligation of Council. Council is the sponsoring agency for the Memorial Cemetery Association Board and is under no obligation financially, nor does it assume any financial obligation looking toward the cost and control of such Memorial Cemetery Association Board. This article is enacted to bring into existence an independent board to carry out the provisions of this article.
(12-18-85; 4-9-86)
CODIFIED ORDINANCES OF NEW MARTINSVILLE