Title
AN ORDINANCE TO ESTABLISH A PERMANENT MAINTENANCE TRUST FUND FOR THE CEMETERIES OWNED AND OPERATED BY THE CITY OF JONESBORO AND TO ESTABLISH GUIDELINES FOR THE ADMINISTRATION OF THE TRUST
Body
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF JONESBORO, ARKANSAS THAT:
SECTION 1: The permanent maintenance fund is declared to be a trust fund for the purpose of administration, care and maintenance of the cemetery including lots, graves, spaces, crypts, niches, burial rights or otherwise.
SECTION 2: The Finance Committee of the Jonesboro City Council shall act as trustees for the permanent maintenance fund.
SECTION 3: The net interest from the fund shall be paid to and be exclusively used and expended by the City of Jonesboro for the care and maintenance of the cemetery and for no other purpose.
SECTION 4: The principal of the fund shall be invested and remain invested in such securities and funds as are permitted by the laws of Arkansas for the investment of policy reserves of life insurance companies as set forth in State Code 23-60-101 and in the common trust funds of state or national banks.
SECTION 5: However, if the permanent maintenance fund has assets of more than two hundred and fifty thousand dollars ($250,000) they may invest not more than fifty percent (50%) of its assets in non assessable common stocks which are listed on a national securities exchange, preferred stocks meeting the requirements of State Code 23-63-815, and investment trust securities meeting the requirements of 23-63-820, and the diversification restrictions of 23-63-805 shall not apply to investments in investment trust securities.
SECTION 6: In investing these funds, the trustees shall exercise the judgment and care under the circumstances then prevailing which persons of prudence, discretion, and intelligence exercise in management of their own affairs, not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable inc...
Click here for full text