Alpena City Council Discusses Idea of PLCFThu, 18 Nov 2021 06:03:01 EST
During their most recent meeting (November 15th), Alpena City Council members discussed the idea of an agreement with the Community Foundation of Northeast Michigan in forming a perpetual lot care fund.
Officials say that The Perpetual Lot Care Fund is a permanent fund, which means that it is invested in perpetuity and the investment earnings are to be used to cover expenses for the operation and maintenance of the Evergreen Cemetery.
The purpose of the fund is to provide support to the City of Alpena for the ongoing care and maintenance of the cemeteries it manages. In the potential agreement, a portion of the fund will be distributed at least annually to the Agency, which could be 5%. The amount of annual distributions from the fund will be determined using the Community Foundation's spending policy, which could be amended from time to time.
Council seemed to be in favor of entering into an agreement, but they took no action on the matter. Instead, they decided to have a finalized deal brought back to them, at a later meeting.
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