(a) The fund mentioned in subsection (b) hereof shall be known as and called the Endowment Fund Permanent.
(b) The Village pledges its faith and credit to forever hold as a permanent fund to be known as the Endowment Fund Permanent, all monies received from gifts, devise, or bequest to hold as a permanent fund of the cemetery for the perpetual care of graves.
The Council shall authorize its Fiscal Officer, as its agent, to invest and keep invested such funds in interest-bearing debts of the Village, if any, and, if no such debts are owing by this Village, then in safe interest-bearing bonds or interest-bearing certificates of deposit in financial institutions within the State of Ohio, authorized by law to accept deposits and which are subject to inspection by either the United States or by the State of Ohio; or to invest such monies as may be hereafter determined by law.
All of the interest earned from such funds shall be deposited in the Cemetery Perpetual Funds and shall be held subject to the order of the Board of Cemetery Trustees of the Village of South Amherst, Ohio, for the perpetual care of the burial spaces which have been sold in the Evergreen Cemetery. The Board of Trustees is instructed to make and evidence this pledge to each purchaser of a burial space or lot in the cemetery , which was by gift, devise or request.
(Ord. 1742-22. Passed 7-11-22.)