| Show Ephraim council outlines perpetual care fund Editors Editor's note This article is still another in a series of articles which have been re released released released re- re leased to keep the citizens aware of the business of Ephraim Ephraim Eph Eph- raim City This article treats the function operation and present condition of the Perpetual Perpetual Perpetual Per Per- Care Fund The Perpetual Care Fund was set up In 1961 with the passing of the following Ordinance The payments for perpetual care upon those lots already sold without perpetual care care and and also the purchase price of the lots hereinabove sold shall be paid into and be used to create the Ephraim City Perpetual Care Trust Fund for the Ephraim Ephraim Ephraim Eph Eph- raim City Cemetery This fund may be either kept in a special fund by the City of Ephraim or may be placed with a corporate corporate corporate cor cor- trustee for the care and maintenance of the Ephraim City Cemetery The Income from the Perpetual Perpetual Perpetual Per Per- Care Trust Fund shall be used so far as it is required solely for the general care and maintenance and embellishment of the Ephraim City Cemetery and shall be applied In such manner as the City Council shall from time to time direct The Initial perpetual care fund shall remain an Irrevocable trust fund and none of the original original original inal principal may maybe be withdrawn until such time as this fund has reached the sum of In principal amount and then at that time the principal amount may be withdrawn at the rate of one thousand dollars for each three thousand dollars added until has been withdrawn As explained in the Ordinance Ordinance Ordinance nance the fund was set up for forthe forthe forthe the care and maintenance of the cemetery At the present time there Is In the fund drawing interest of from 5 to 6 It seems that there has been some concern by individuals In Individuals individuals in- in because this fund has been drawn upon from time to time The question Is whether or not this fund can be used by bythe bythe bythe the city for other functions of city government City officials point out that the ordinance 1 clearly states that the fund can be drawn upon They note that i ithe the Important point Is that in interest interest interest in- in terest be charged against these loans and that this Interest be paid Into the fund along with the principal The following is a complete accounting of how the is being used was borrowed In 1961 by the sewer department Interest at 5 has been paid to f January 1968 was borrowed for capital improvements on the swimming pool in 1967 Interest at 5 is up to date and payments payments payments pay pay- ments are made on the prin principal principal l- l pal each year The balance i still stUl due is A balance in the Bank of Ephraim six-month six time certificate at 5 at the Bank of Ephraim was borrowed by bythe bythe by the sewer department In June 0 1970 to set up a reserVe reserve fund to guarantee the payment of the sewer bonds This fund is re required required re- re by the sewer ordinance and the loan is drawing 6 interest |
