§ 11-3. Perpetual care fund; procedures.

All revenues from sales of lots, headstones, domes, appurtenances and services provided through the operation of Glendale Memorial Park Cemetery shall be deposited to the city's general fund. The perpetual care fund shall be invested pursuant to the city investment policy and consistent with A.R.S. § 9-453(B), and investment earnings shall continue to accumulate in the perpetual care fund. Moneys may be withdrawn from the perpetual care fund when: (1) the cemetery may be expanded by acquiring adjacent real property, improved or enhanced through capital improvements, and the projected revenues (including interest and investment earnings) generated from sales of lots, headstones, domes, appurtenances and services related to such expansion or improvement exceeds the costs of acquiring the adjacent property or making the capital improvements plus the costs of operating and maintaining such property or improvement as a part of the cemetery; (2) to cover the costs of operating and maintaining the cemetery when the burial rights in all plots have been sold (after which these moneys shall continue to be available for operating and maintenance costs regardless of the subsequent repurchase of any burial rights); or (3) the perpetual care fund is self-sufficient. Self-sufficiency shall be considered achieved when the interest and investment earnings on the balance in the perpetual care fund are sufficient to meet projected operational and maintenance costs. The determination of self-sufficiency shall be made by the city council in conjunction with the city budgetary process.

(Ord. No. 1384 § 1, 10-1-85; Ord. No. 1982, § 1, 1-13-98; Ord. No. 2330, § 1 (part), 7-8-03)