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All funds paid for perpetual care shall be placed by the Director of Finance to the credit of a fund known as the "perpetual care fund" to be administered by the City Commission, and to be held in trust and invested by the City Commission, as provided by law, and the interest thereon shall be used for the care and maintenance of lots and grave sites entitled to perpetual care.

A lot or grave site owner may enter into an agreement with the cemetery for special care, which shall include only those specific services set forth in the agreement. Special care funds shall be invested with and in the same manner as perpetual care funds.

[Added 11-15-2004 by Ord. No. 1778 ] There is hereby created a Perpetual Care Investment Committee (PCIC) that shall manage the assets of the system and have full power to invest and reinvest such assets, subject to the provisions of applicable law. The Committee shall have the power to purchase notes, bonds, or other obligations of the City before or after the same are offered to the public, with or without advertising for bids. The Committee shall have power to hold, purchase, sell, assign, transfer, and dispose of any securities and investments in which any of the funds of the system have been invested, as well as the proceeds of such investments and any monies belonging to the system. The provisions of this section shall be subject to such conditions ...

[Added 11-15-2004 by Ord. No. 1778 ] A. Membership, appointment. The PCIC shall consist of no less than three nor more than five members, all of whom shall also serve on the Retirement Investment Committee (RIC). Said members shall be appointed by the City Commission upon the recommendation of the RIC Chair; their term on the PCIC shall be concurrent with their term on the RIC. B. The PCIC members shall serve without compensation and if any member fails to attend three consecutive regularly scheduled meetings of the Committee, unless in each case excused for cause by the remaining members, his or her office will be deemed vacated. Within 60 days of any time that the number of Committee members becomes less than three, the Chair of the RIC shall appoint en...

[Added 11-15-2004 by Ord. No. 1778 ] A. There shall be kept on deposit available cash not to exceed 5% of the total assets of the system. All assets of the system shall be held for the sole purpose of meeting disbursements for allowable expenses, as authorized by this article and shall be used for no other purpose. B. Payment of expenses relating to perpetual care shall be paid from investment income.

[HISTORY: Adopted by the City Commission of the City of Kalamazoo as indicated in article histories. Amendments noted where applicable.] CHARTER REFERENCE Authority of City to own and operate transportation facilities — See § 157A. GENERAL REFERENCES Carrying explosives or flammable liquids on buses — See § 15-1 . Spitting on floors of public conveyances — See § 22-9 . Traffic — See Ch. 36 . Establishment and use of bus stops — See § 36-180 . Restriction on standing or parking of buses on streets — See § 36-181 . City buses exempt from ordinance regulating passenger carriers — See § 37-3 .

[1] Editor's Note: Former Art. I, §§ 11-1 through 11-5, relative to the Department of Transportation, was repealed 9-7-1982 by Ord. No. 1268. Said former provisions derived from Adm. Code, §§ A215.6 through A215.9, A215.12 and A215.13.