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Home My WebLink AboutMO # 1786240 174785 MUNICIPAL ORDER NO. 1786 A MUNICIPAL ORDER AUTHORIZING THE FILING OF A PETITION WITH THE McCRACKEN CIRCUIT COURT TO TERMINATE THE OAK GROVE CEMETERY PERPETUAL CARE AND MAINTENANCE TRUST FUND WHEREAS, KRS 367.952 requires any seller of grave spaces and/or crypts to establish a perpetual care and maintenance fund for such grave spaces and/or crypts and to contribute a specified percentage of the sales proceeds from such grave spaces and/or crypts to such fund. WHEREAS, municipalities such as the City of Paducah were subject to KRS 367.952 as originally enacted. WHEREAS, as required by KRS 367.952, the City of Paducah entered into Perpetual Care and Maintenance Trust Fund Agreement with Peoples First National Bank & Trust Company of Paducah, Kentucky, dated August 29, 1985 (the "Trust"); WHEREAS, the Community Foundation of West Kentucky, Inc. is successor Trustee under the Trust; WHEREAS, as amended in 2008, KRS 367.952 now exempts municipalities, such as the City of Paducah, from complying with its requirements; WHEREAS, KRS 367.952 allows a municipality, such as the City of Paducah, that established a perpetual care and maintenance fund, such as the Trust, to petition the Circuit Court for termination of such fund and distribution of its assets to the municipality for use solely for the general care, maintenance and embellishment of the cemetery; WHEREAS, the City of Paducah desires to terminate the Trust in accordance with KRS --- 367.952; and WHEREAS, the Successor Trustee is agreeable to the termination of the Trust and distribution of the Trust assets to the City of Paducah for use solely for the general care, maintenance and embellishment of the cemetery. NOW, THEREFORE, IT IS HEREBY ORDERED as follows: Section 1. The law firm of Denton & Keuler, LLP is authorized, on behalf of the City of Paducah, to file a petition in the McCracken Circuit Court to terminate the Perpetual Care and Maintenance Trust Fund Agreement with Peoples First National Bank & Trust Company of Paducah, Kentucky, dated August 29, 1985, of which the Community Foundation of West Kentucky, Inc. is successor trustee. Section 2. This Order shall be in full force and effect on and after the date as approved by the Board of Commissioners of the City of Paducah, Kentucky. ATTEST: J449m a � Tammara S. Sanderson, City Clerk Adopted by the Board of Commissioners, August 12, 2014 Recorded by Tammara S. Sanderson, City Clerk, August 12, 2014 \mo\cemetery trust fund 1 I I --,T -:iii I 1.__. .-.- -.: _. -.-.-r 1'F.: