(A) Board of Trustees. A Board of Trustees is hereby created and empowered with the care and maintenance of the Wickliffe Cemetery. This Board of Trustees shall be comprised of five persons, consisting of two members of the City Council and three members of the general public who live in the vicinity of the city. This Board of Trustees shall be responsible for establishing rules and regulations for the operation of the Wickliffe Cemetery in a business-like manner.
(B) Cemetery Land Purchase Fund. There is now created the City of Wickliffe Cemetery Land Purchase Fund to be funded by proceeds from the sale of cemetery lots. This fund, and any income derived from investing this fund, shall be used only for the purchase of additional land for the cemetery as needed.
(C) Cemetery Maintenance Fund. There is now created the City of Wickliffe Cemetery Maintenance Fund to be used for the care and maintenance of the cemetery and to be funded by donations from the general public and funds received from the withdrawal of the certificate of deposit currently held at First Community Bank issued to “City of Wickliffe Cemetery Perpetual Care Fund” Account No. XXXXX8104.
(D) Report of the Board. The Board of Trustees shall, not less than annually, and more often if requested by the City Council, report to the City Council on the status of the funds and the maintenance and upkeep of the cemetery. Funds created herein may include as many accounts as the trustees deem necessary and the trustees shall invest the funds in securities of the United States government and/or in financial institutions within the Commonwealth of Kentucky. All accounts or investments maintained in any bank or financial institution in excess of the amount insured by an agency of the Federal Government shall be secured by a pledge of collateral with a Federal Reserve Bank for the portion of deposits in excess of the amount insured.
(E) The Board of Trustees, City Council, Mayor, City Clerk and City Attorney shall have access to any and all documentation, whether held by a lending institution or otherwise, regarding the Cemetery Perpetual Care Trust Fund or any investment titled as a public fund or perpetual care fund.
(Ord. 482, passed 3-5-91; Am. Ord. 610, passed 6-23-14; Am. Ord. 618, passed 6-11-15)