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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, 1973, BY AMENDING SECTION 7-18 THEREOF PERTAINING <br />TO MAINTENANCE FUN~ FOR CEMETERY LOTS. <br /> <br /> BE ~V~ ORDAinED by the Councit"-6'f the City of Portsmouth, <br />Virginia, that Section 7-18 of the Code of the City of <br />Portsmouth, Virginia, 1973, be amended to read as follows: <br /> <br />Section 7~18. Maintenance fund for lots. <br /> <br /> (a) The City' Treasurer shall deposit in a special fund <br />Two Hundred Dollars ~($200.) from the sale price of every who!e <br />lot and One Hundred Dollars ($100.) from the Sale of every <br />half lot in Olive Branch Cemetary and all sums paid for perpetual <br />care of lots .in Cedar Grove Cemetery,'Oak Grove Cemetery and <br />Olive Branch Annex and ail donations and legacies made for <br />the c~re of cemetery lots. The fund shall be held as a trust <br />fund and shall be invested in securities authorized pursuant <br />to the'~rovisions of Section 26=40, 9ode of Virginia, 1950, <br />as amended, for funds belonging to fiduciaries, under the <br />supervision of a board.of cemetery trustees composed of the <br />Ma~or, City Auditor, Qirector of Finance, and two (2) members <br />of the Council e!ecte~ bY the Council in each odd numbered <br />year.. The incom8 from ~uch investments of the.funds shall <br />be paid as received into the treasury of the C~ty and shall <br />be accumulated and become a part of the nonexpendable corpus <br />of the trust fund Unti~. such time as the amount of the corpus <br />of the trust fund equal~ One Million Dollars ($1,000,000.). <br /> <br /> (b)' .The funds within the scope of this section shall be <br />held and znvested in the name o~ the City. The City Treasurer <br />shall have custody of said funds and sha~l be responsible for <br />the same under his official bond. -The Czty Treasurer and the <br />City Auditor shall keep ~ep~rate records ~f said funds and the <br />amount of zncome from sazd znvestments which has been paid into <br />the City Treasurer. The principal of such fund, including <br />any income from investments which has been paid into or <br />included in the nonexpendable corpus of the fund, shall not <br />be expended for any purpose. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held June 22, 1982. <br /> <br />Tes~e: <br /> <br />City Clerk <br /> <br /> <br />