There is hereby established a cemetery endowment care trust fund. Not less than 15 percent of the gross sales price of each lot and/or niche shall be deposited by the finance director in the endowment care trust fund.
Public donations, bequeaths and other funds received by the city for the purposes of the cemetery shall be deposited into the endowment care trust fund.
The endowment care trust fund shall be invested by the finance director in municipal, county, school, state or federal bonds, or the State Investment Pool.
The principal and interest in the endowment care trust fund shall be used for the future of maintenance of the cemetery that may be used for the construction of a mausoleum. Endowment care funds used for the construction of a mausoleum shall be reimbursed to the endowment care fund through the mausoleum sales.
(Ord. 2592 § 7, 2016)