(A) Fund created. There is hereby created a Perpetual Care Fund for the care of the cemetery pursuant to the laws of the state.
(B) Perpetual care moneys.
(1) All funds received from the sale of lots and from the sale of perpetual care services shall not be used for general municipal expenses. The funds shall be placed in a special Perpetual Care Fund according to the laws of the state.
(2) The income from the Perpetual Care Fund shall be used to pay for the upkeep and development of the cemetery. The town shall have the authority to borrow from the fund from time to time, but any funds borrowed shall be repaid to the fund with interest thereon at a rate equal to the average prime interest rate of the bank or banks located near the town. If the town borrows from the fund, it shall pay into the fund for the operation of the cemetery an amount equal to the interest that the principal amount of the fund would have earned had the town not borrowed money from it. This shall be done at least annually.
(3) In the event that the interest earned from the perpetual care fund exceeds the amount needed for upkeep and development, any surplus interest income shall be added to the principal amount of the Perpetual Care Fund.
(C) Duties of Treasurer. It shall be the duty of the Town Treasurer to keep an accurate record of the Perpetual Care Trust Fund Account, including investments, and to see that the principal portion thereof is properly invested in accordance with resolutions of the Town Council and to advise the Mayor when funds are available for investment in the amount of $1,000 or more. The Mayor shall advise the Town Council of such availability of funds.
(D) Investment income. Income from investments held in the Perpetual Care Fund may be credited to the Cemetery Maintenance Fund for the use in providing the perpetual care or credited back to the investment fund.
(Prior Code, § 7-5-11)