§ 22-33. Perpetual repair funds.

(a)

The city hereby covenants to maintain lots on which perpetual care has been paid in accordance with section 22-28. All lots on which perpetual care has been paid shall be maintained in a like condition.

(b)

The existing cemetery perpetual care fund may be utilized for the expansion and improvement of the city cemetery. No expansion or improvement expense can be made without authorization by a majority vote of the entire city commission. In no event can the perpetual care fund be utilized for expansion or improvement if the corpus of said funds is, or as a result of such expansion or improvement, would fall below a minimum of $100,000.00.

(c)

Any moneys held as part of the cemetery perpetual care fund of the city shall be invested or reinvested by the treasurer in accordance with the policies of the city commission in direct obligations of the United States of America or the state, or in obligations the principal and interest of which are unconditionally guaranteed by the United States of America or the state, or in certificates of deposit of any bank or savings and loan having a capital and surplus aggregating at least $5,000,000.00 and whose deposits are so insured, or in such other investments as may from time to time be permitted by law for funds of this nature.

(d)

All payments for perpetual care shall be paid to the city treasurer for deposit in the account of cemetery perpetual care fund of the city. The perpetual care funds shall be invested by the city treasurer as provided in this section.

(Ord. No. 358, 4-28-03)