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.
[1]
Editor's Note: Amended at time of adoption of Code (see Ch. 1, General Provisions, Art. II).
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.