§ 10-7. Finances.

(a)

All of the proceeds of the sale of cemetery lots be allocated by the village treasurer, as follows:

(1)

75 percent of the gross proceeds of sale to the cemetery fund;

(2)

25 percent thereof to the general corporate fund.

(b)

The cemetery fund shall be maintained as a separate fund by the village treasurer and invested to produce revenue in keeping with the statutes of the state in such case made. The earnings of the fund shall be used to defray the operating expenses of the cemetery, while the principal of said fund must be used solely for the acquisition of new lands for the village cemetery, capital improvements or purchase of equipment for cemetery use.

(c)

A cemetery trust fund shall be maintained as a separate fund by the village treasurer and invested to produce revenue in keeping with the statutes of the state in such case made. The earnings of fund shall be used solely for the perpetual care of all lots in the cemetery and purchase of equipment for cemetery use.

(d)

The general corporate fund portion of the proceeds from lot sales shall be transferred directly into the village's general corporate fund and used to defray the operating expenses of the cemetery.

(e)

Amortized, interest-bearing loans for a term not to exceed 20 years may be made between the cemetery trust fund and the cemetery reserve fund. The interest rate charged on said loans shall be at the rate of interest then being earned by the fund making the loan.

(Ord. No. 02-07-08, §§ 1—4, 2-17-2008; Ord. No. 10-04-10, 10-04-2010)