§ 2.88.460. Investment of funds—Application of income.

A.

The city shall have the right, power, and authority to invest and reinvest all funds and the proceeds of property other than money advanced or contributed to it for the purposes herein specified in interest-bearing bonds or securities of a municipality, state, or the federal government. At no time shall the original principal of any fund, or the amount of the original proceeds of any property, advanced or contributed for the care and upkeep of a particular grave or lot be used by the trustee.

B.

Net income from funds or property advanced for a particular grave or lot pursuant to Section 2.88.450(B) shall first be used for the maintenance, care, and upkeep of the particular grave or lot. Net income from undesignated contributions or advances, and, in the event of accrual of a greater amount of income from designated contributions or advances than is necessary to faithfully accomplish the purposes of the trust, the excess income from designated or specific advances or contributions, may, in the discretion of the trustee, be used for the maintenance, care, and upkeep of particular lots or graves for which no contribution has been received or for the beautification of the whole cemetery generally.

(Prior code § 7-74)