The funds received by the City from the Board of Township Trustees of Oregon Township for perpetual care of lots in Willow Cemetery and North Oregon Cemetery, with the interest thereon, together with all further amounts which the City has received or may hereafter receive for such purposes, shall constitute the Fund for Perpetual Care of Lots in Willow Cemetery and North Oregon Cemetery. The faith and credit of the City is hereby pledged to hold such amounts as a permanent fund for the perpetual care of lots in such cemeteries and to apply the income therefrom annually for such purpose.
All moneys in such Fund and receipts for the purposes specified herein shall be deposited and invested in accordance with the ordinances of the City and the laws of the State.
On and after January 1, 1960, the income from the Fund and from the securities in which the same may be invested shall be paid into and transferred to the Fund or Funds for the maintenance of the cemeteries and used and employed for the purposes herein specified.
(Res. 114-1959. Passed 11-27-59.)