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Section 10.20

 Subd 1.   AUTHORITY AND PURPOSE.  The City Council shall determine the use of the funds hereinafter established and the subsequent income to these funds received from the cemetery lot sales and donations or gift money by the public users of the land in the City Cemetery.

 

Subd 2.   FUNDS.  Such income shall be designated "Cemetery Income" by the City Administrator and Finance Director and shall be used as follows:

  1.    Not less than ten percent (10%) thereof from the individual sale of cemetery lots and all particular donations or gift of money shall be credited to and deposited in a fund devoted to the care, maintenance and improvement of the cemetery and be designated as the "Permanent Care and Improvement Fund of the City of Tracy Cemetery."  The Council shall quarterly, on the first days of January, April, July and October, in each year, deposit or invest all money belonging to such permanent fund in the same securities in which savings banks are by law permitted to invest.  Any of the income unexpended and inappropriate in and to the Cemetery Operating Fund for one year after becoming available for care, maintenance or improvement shall be returned to the fund and become part of the principal.  The City Administrator and Finance Director are hereby designated to handle such funds.  These individuals shall give a bond to the City in a sum not less than the total amount of the fund at the time of posting such bond conditioned for the faithful discharge of his/her trust.  On July first of each even numbered year thereafter, these individuals shall give a new bond in the amount and with the conditions provided above.
  2.   Not less than ninety percent (90%) thereof from the individual sale of cemetery lots shall be credited to and deposited in a fund designated as the "Cemetery Operating Fund of the City of Tracy."  This percentage of income from individual cemetery lots and the interest income from the permanent care and improvement fund shall be used to operate the City Cemetery in all respects, including but not limited to the maintenance, caring and beautifying of such lots, land acquisition and administration.

 


Subd 3.   TRANSFER OF PRESENT FUNDS.

  1.   All amounts presently in the Cemetery Trust Maintenance Fund and the Cemetery Trust Fund shall be permanently transferred to the "Permanent Care and Improvement Fund of the City of Tracy Cemetery."

      B.  All amounts presently in the Cemetery Improvement Fund, the Cemetery Fund or the Cemetery Operating Fund shall be permanently transferred to the Cemetery Operating Fund of the City of Tracy.