SB-0303, As Passed Senate, October 14, 2015
April 29, 2015, Introduced by Senators KNOLLENBERG, MARLEAU, KOWALL and ZORN and referred to the Committee on Regulatory Reform.
A bill to amend 1937 PA 215, entitled
"An act to authorize municipalities to own or control cemetery or
burial grounds; to provide for perpetual care and maintenance; to
provide for endowment and perpetual care funds; and to permit
municipalities to authorize the creation of joint cemetery
associations,"
by amending section 1 (MCL 128.1), as amended by 1980 PA 366.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 1. (1) The legislative body of a municipality owning or
controlling a cemetery or burial grounds may by resolution or
ordinance
provide for the perpetual care and maintenance of a the
cemetery or a burial lot upon the payment by the owner of the lot
or another person of the agreed upon sum, and in consideration for
which the municipality may bind itself to perpetually care for and
maintain the lot.
(2) Subject to subsection (3), money deposited in a perpetual
care and maintenance fund for a cemetery owned or controlled by a
municipality may be invested in mutual funds consisting of fixed
income securities, equity securities, or both, if both of the
following requirements are met:
(a) The equity position of the perpetual care and maintenance
fund does not exceed 60% of the perpetual care and maintenance fund
balance.
(b) Each mutual fund is rated in the top 2 of 5 or more tiers
by Morningstar, Inc. or another nationally recognized mutual fund
rating agency.
(3) Subsection (2) does not prohibit any other investments
that may be authorized by law.
(4) (2)
A testamentary trustee appointed by
a probate court of
a
trust fund, the use and income from which is to be used to
maintain a cemetery or burial lot, may, upon petition to the
probate
court which that authorized his, her, or its the trustee's
appointment, be authorized and directed by the court to transfer
the
fund or funds money in his or her the trustee's possession in
the
corpus of the trust to a municipality which has complied with
this
section, under the provisions of the under an ordinance or
resolution adopted under subsection (1). Upon receipt of the funds
money filed with the probate court the testamentary trustee may be
discharged from the trust.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.