§ 10-1-20. INVESTMENT AND USE OF FUNDS.

(A)

The director of the Financial and Administrative Services Department shall invest and reinvest the money deposited with the City in interest-bearing bonds or governmental securities.

(B)

The director shall keep the principal of the funds deposited intact as a principal trust fund. The director may not use the principal.

(C)

The cemetery administrator shall first use the interest, revenue, or other accrual or increase in the funds deposited for a specific cemetery lot, grave, or burial space to maintain the cemetery lot, grave, or burial space.

(D)

The director may authorize the administrator to use the revenue that is greater than the amount necessary to accomplish the trust for a specific cemetery lot or grave to beautify the cemetery where the cemetery lot or grave is located.

Source: 1992 Code Sections 12-1-53(A) and (B); Ord. 031023-11; Ord. 031211-11.