1. (a) A cemetery board may accept and receive real and personal property:

   1. (1) through gift, legacy, or bequest; and

   2. (2) upon terms, conditions, or trusts that the donor or testator designates;

      for use concerning the operation, maintenance, and preservation of cemeteries or a part of a cemetery.

2. (b) The property received under subsection (a) is exempt from all taxation.

3. (c) If:

   1. (1) a cemetery board receives money under subsection (a); and

   2. (2) the money is not required currently to carry out the purpose or trusts upon which the money was received;

      the cemetery board shall invest the money in accordance with IC 5-13-9 . For investment purposes under this subsection, the cemetery board shall give preference to the purchase of bonds or securities issued and negotiated by the municipality.

4. (d) A cemetery board shall use the income from securities purchased under subsection (c) to carry out the trusts upon which the gift was made.

As added by P.L.52-1997, SEC.39.