Idaho State Statutes - Idaho Attorney Directory

The trust fund so created shall be
evidenced by an instrument in writing, and shall contain in addition to the
requirements of section 27-407, Idaho Code, the following provisions:
(a) That there shall be designated a trustee under this act, which shall
be any federally insured financial institution located within the state of
Idaho, duly authorized to transact a trust business, or the board of directors
of the cemetery authority. When the trust fund is in the care of such board of
directors as a board of trustees, the secretary of the cemetery authority
shall act as its secretary and keep a true record of all of its proceedings.
(b) Where the trust is vested in such board of directors as a board of
trustees, each of said trustees shall file with the administrator a surety
bond in the amount of five thousand dollars ($5,000), conditioned upon his
full and faithful performance of his trust obligations.
(c) As compensation, the trustee, whether it be a financial institution
acting in such capacity or the board of directors of a cemetery authority
acting as the trustee, shall be entitled to compensation in an amount not
exceeding twenty-five dollars ($25.00) quarterly, or a sum equal to one and
one-half percent (1 1/2%) per annum of the principal of the trust fund,
whichever is the greater.
(d) In connection with its investment of the trust fund, the trustee
shall be governed by the terms of the uniform prudent investor act, chapter 5,
title 68, Idaho Code, as presently enacted or as may be from time to time
amended.
(e) The principal of the trust fund shall remain permanently intact and
only the income therefrom shall be expended. The income shall be used
exclusively for the care of those portions of the cemetery in which lots have
been sold with the provision for perpetual or endowed care. It is the intent
of this section that the income of said fund shall be used solely for the care
of lots or other burial spaces sold to third persons with the provision for
perpetual or endowed care, and the care and embellishment of such other
portions of the cemetery as may be desirable to preserve the beauty and
dignity of the lots sold.
(f) The initial endowment care fund established for any cemetery shall
remain in an irrevocable trust fund until such time as this fund has reached
the sum of one hundred thousand dollars ($100,000), when it may be withdrawn
at the rate of two thousand dollars ($2,000) from the original fifty thousand
dollars ($50,000) for each additional six thousand dollars ($6,000) added to
the fund, this to continue until the entire original fifty thousand dollars
($50,000) has been withdrawn by the cemetery authority.

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