§ 5384 - Payment to treasurer; record; investment
§ 5384. Payment to treasurer; record; investment
(a) Unless otherwise directed by the donor, all moneys received by a town for cemetery purposes shall be paid to the town treasurer who shall give a receipt therefor, which shall be recorded in the office of the town clerk in a book kept for that purpose. In such book shall also be stated the amount received from each donor, the time when, and the specific purpose to which the use thereof is appropriated.
(b) All moneys so received by the town may be invested and reinvested by the treasurer, with the approval of the selectmen, by deposit in banks chartered by the state or in national banks, bonds of the United States or of municipalities whose bonds are legal investment for banks chartered by the state, or in bonds or notes legally issued in anticipation of taxes by a town, village or city in this state, or first mortgages on real estate in Vermont; or in the shares of an investment company, or an investment trust, which is registered under the federal Investment Company Act of 1940, as amended, if such mutual investment fund has been in operation for at least ten years and has net assets of at least $10,000,000.00; or in shares of a savings and loan association of this state, or share accounts of a federal savings and loan association with its principal office in this state, when and to the extent to which the withdrawal or repurchase value of such shares or accounts are insured by the Federal Savings and Loan Insurance Corporation. However, in towns that elect trustees of public funds, such funds shall be invested by such trustees in any of the securities hereinbefore enumerated, and the income thereof paid to the proper officers as the same falls due. The income therefrom shall be expended for the purpose and in the manner designated by the donor. The provisions of this section as to future investments shall not require the liquidation or disposition of securities legally acquired and held.