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IN SB0246
Bill
AI Summary
SB 246 - Cemetery Maintenance
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Defines "immediate maintenance needs" as cemetery care activities required in the present rather than future, including grass cutting, raking, repairs, and administrative functions.
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Allows perpetual care fund income to be withdrawn quarterly and 50% of fund appreciation annually, with both dedicated to perpetual care and immediate maintenance needs.
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Expands permitted investments for perpetual care funds to include certificates of deposit, mutual funds, money market mutual funds, and interest-bearing accounts, beyond previous restrictions to federally-insured deposits and government securities.
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Increases the state cemetery maintenance fund threshold from $250,000 to $500,000 before suspending cemetery owner contribution requirements, and raises emergency maintenance grants from $50,000 to $500,000 maximum per application.
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Allows township trustees to provide financial assistance to nonprofit-operated cemeteries whose perpetual care fund income is insufficient for maintenance, preventing full township responsibility.
Legislative Description
Cemetery maintenance expenses. Defines "immediate maintenance needs" of a cemetery and specifies that the income from a cemetery's perpetual care fund may be used to meet the cemetery's immediate maintenance needs. Provides that money in a cemetery's perpetual care fund may be invested in certificates of deposit, mutual funds, money market mutual funds, and other interest bearing accounts or funds. Allows a cemetery to obtain maintenance funds from the state consumer protection fund for cemetery maintenance (fund) if the appreciation and income of the principal of the cemetery's perpetual care fund are not sufficient to meet the cemetery's immediate maintenance
Last Action
Public Law 14
3/7/2018