(A) A perpetual trust is hereby established for each cemetery in accordance with Iowa Code Ch. 523I, the Iowa Cemetery Act. A restricted fund is created for each cemetery, to be known and designated as the perpetual care cemetery fund for that cemetery. The perpetual care cemetery fund shall be funded by the deposit of an amount equal to or greater than 20% of the gross selling price, or $50, whichever is more for each sale of interment space within the cemetery. The fund shall be administered in accordance with the purpose and provisions of Iowa Code Ch. 523I.
(B) The perpetual care fund shall be maintained separate from all operating funds of the cemetery and the principal of the fund shall not be reduced voluntarily except as specifically permitted by the Iowa Cemetery Act and applicable administrative regulations.
(Ord. 2300, passed 5-15-2017; Ord. 2333, passed 5-21-2018)