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ORDINANCE NO. /8/
AN ORDINANCE of the City of Port Angeles
providing for a reduction in contri-
butions to the Perpetual Care Fund,
establishing procedures for periodic
analysis of the Endowment Care Fund,
and amending Sections II(a), TI(h),
II(c) and III of Ordinance 1864 and
Sections 3.20.010 through 3.20.040
of the Port Angeles Municipal Code.
WHEREAS, Ordinance No. 1864 established a Cemetery Fund
and a Perpetual Care Fund in the City Treasury; and,
WHEREAS, the purposes for which the Cemetery Fund were
created are now assumed by the Parks and Recreation Department
Budget in the Municipal General Fund; and,
WHEREAS, the Pepetual Care Fund was created to provide
funds for the perpetual care of the Ocean View Cemetery once said
cemetery was filled to capacity; and,
WHEREAS, the City Council finds that the present irreducible
fund balance in the Perpetual Care Fund invested in safe invest-
ments will provide sufficient earnings to provide perpetual care
when the facility reaches capacity.
NOW THEREFORE, BE IT ORDAINED by the City Council of the
City of Port Angeles as follows:
Section 1. Section II(a) of Ordinance No. 1864, and Section
3.20.010 of the Port Angeles Municipal Code are hereby amended to
read as follows:
Creation. There is hereby created in the treasury of the
City a fund to be designated as the "Cemetery Perpetual
Care Fund." Said fund is comprised of receipts from the
sale of cemetery lots, tracts, parcels, donations, bequests,
or grants received or allocated prior to April 1, 1981.
Section 2. Section II(b) of Ordinance No. 1864 and Section
3.20.020 are each amended to read as follows:
Use of Fund. The principal of the Cemetery Prepetual Care
shall be irreducible and shall be invested in safe invest-
ments until the present cemetery is filled to capacity.
Thereafter, these earnings shall be used for the perpetual
care of the lots, tracts or parcels of land so sold.
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Section 3. Section II(c) of Ordinance 1864 and Section
3.20.030 of the Port Angeles Municipal Code are amended to read
as follows:
Maintenance Until Fund Maturity. Funds for the maintenance
of the Ocean View Cemetery shall be paid for from the Parks
and Recreation Department Budget of the Current Expense
Fund, until such time as the earnings of the Cemetery
Perpetual Care Fund become available for this purpose
as provided by Section 2 of this ordinance.
Section 4. Section III of Ordinance 1864 and Section
3.20.040 of the Port Angeles Municipal Code are each amended to
read as follows:
Additions to Perpetual Care Fund.
(1) The City Council may, from time to time, place addi-
tional funds in the Perpetual Care Fund from sources which
may be designated for Perpetual Care purposes.
(2) (a) The City Council may establish an on -going alloca-
tion to the Perpetual Care Fund if, in its opinion, the
current or future earnings of the Perpetual Care Fund
are not sufficient to provide on -going funds for
maintenance of the cemetery once it is filled to
capacity.
(b) The determination to establish an on -going alloca-
tion to the care fund shall be made after financial
analysis which shall include the following considera-
tions: 1) a forecast of the service life of the
cemetery made by examining past and future sales trends
in lots, parcels, etc., and an estimate of the developed
and undeveloped lots remaining to be sold in the ceme-
tery; 2) an estimate of the year at which capacity will
be attained in the cemetery, computed by comparing fore-
casted sales rate to the number of developed and un-
developed lots remaining to be sold; 3) an analysis of
the estimated future value of the care fund using cur-
rent and estimated earnings rates through the year at
which capacity will be attained; 4) an estimate of the
care funds earning potential after capacity is reached;
5) any other actuarial data pertinent to the analysis.
Section 5. This ordinance shall take effect April 1, 1981.
PASSED by the City Council of the City of Port Angeles at
a regular meeting held on the 3,, day of A,tpl� , 1981.
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ATTEST:
Marian C. Parrish, City Clerk
APPROVED AS TO FORM:
Miller, City Attorney
ISHED: V)isze-,C /42, .98i