(A) The Board of Managers is hereby authorized and empowered to receive and hold in perpetual trust any sum of money or any funds, securities or property of any kind given, donated or bequeathed for the maintenance, care, repair, upkeep or ornamentation of the cemetery or any lot or grave in the cemetery as may be specified in the instrument making the gift, donation or legacy.
(1) The Board shall have the right to convert the property into money and shall invest the proceeds thereof and the money so given, donated and bequeathed to it.
(2) The principal of the trust fund shall be kept intact and perpetually invested and the income thereof perpetually shall be applied for the purposes specified in the instrument making the gift, donation or legacy and for no other purposes.
(3) All instruments shall be only those authorized for the city by law.
(B) The Board also may receive from the city the funds that may be appropriated by the city for the use of the cemetery.
(C) The trust funds, gifts and legacies herein and the income arising therefrom shall be exempt from taxation and from the operation of all laws of Mortmain and the laws against perpetuities and accumulations.
(D) Any trust executed to the cemetery by its name shall vest in the Board thereof and take effect to al intents and purposes as if executed to the Board.
(Ord. O-86-11, passed 11-17-86)