§ 10-46. Naming of trustee of funds; investments of funds; annual financial statement.

(a)

The cemetery system board of trustees shall be the trustor of and shall recommend to the city commission a trustee to manage the perpetual care trust. The managing trustee shall be a bank or other investment counselor licensed by this state to handle the investment of fiduciary funds.

(b)

The investment of cemetery system funds shall be made by the trustee in such securities as constitutes investments legal for trustees under the laws of the State of Florida, in effect on the date hereof, and any amendments that may be made from time to time. At the end of each month, the trustee shall furnish the city and the cemetery system board of trustees a complete financial statement as to the condition of the various investments held for the perpetual care trust.

(Ord. No. C-90-102, § 1, 12-18-90; Ord. No. C-03-45, § 1, 1-6-04 )