The Oakwood Lot Owners' Endowment Fund is hereby
established. Whenever any person, organization or society shall desire
to place or deposit with the City of Parsons any money or securities
to be used in improving, maintaining and caring for any lot, grave,
monument, vault or other cemetery property in Oakwood Cemetery, the
donor shall file with the City Clerk an instrument in writing describing
the money or property so placed or deposited with the City and describing
the lot, grave, monument, vault or other cemetery property desired
to be improved, maintained and cared for, together with directions
as to the improvement and maintenance thereof, and said instrument
in writing shall authorize the City to invest or reinvest such money
or the proceeds of any such securities in municipal investments authorized
by the State of Kansas and to use the income therefrom for the purpose
mentioned in such instruments.
The City Clerk shall keep suitable records relating to any funds placed or deposited with the City of Parsons in accordance with the provisions of this article and shall record therein all written instruments filed as provided in §
246-12 hereof and the approval of the same by the City Manager and shall deliver to the City treasury any moneys or securities so deposited or placed with the City.
All such funds shall be invested and the interest
from said funds expended as provided by K.S.A. § 12-1410
and for no other purpose.