(a) The Director of Finance may accept monies by agreement, gift, devise, bequest or otherwise and hold such monies as a permanent fund for the city’s cemeteries. Monies so accepted shall be pledged for the perpetual care of the lots designated and may include flowers and decorations. On receipt of the monies so designated, the Director shall issue therefor a written receipt in acknowledgment thereof, binding the faith and credit of the city to forever hold such monies as a permanent fund to provide perpetual care of the lots named therein. The Director shall enter the receipt and income of the monies and expenditures thereof in detail on books of account, keeping each case separately.
(b) All such monies received by the Director shall be deposited, as well as interest earnings thereon, into a special Cemetery Endowment Trust Fund as required by R.C. § 5705.09(H). The Director shall transfer interest earnings on such endowments to the Cemetery Operating Fund to defray the cost of grave care for which such endowment was accepted. The Director shall invest such funds and keep them invested, to the extent possible, in interest bearing bonds or in interest bearing certificates of deposit in financial institutions within the city. The Director shall report annually to Council all monies received and disbursed in the management of the Fund.
(Ord. 1996-50, passed 3-4-1996)