O01-15and
ORDINANCE NO. 01
AN ORDINANCE OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AMENDING CHAPTER 18, ARTICLE BI, PENSIONS
FOR POLICE OFFICERS, SECTION 18.166 ALLOWING
THE FUND TO INVEST LIP TO 10% IN FOREIGN
STOCKS AT COST; PROVIDING FOR CONFLICTS,
SEVERABILITY, CODIFICATION AND AN
EFFECTIVE DATE.
WHEREAS, the City Commission of the City of Boynton, has received a
fi.om the Municipal Police Officers' Pension Trust Fund (hereinafter
as "FUND") to allow the FUND to invest up to 10% in foreign stocks at cost;
WHEREAS, said recommendation has been reviewed and the City Commission
teems it to be in the best interests of the members of the FUND to allow the Fund to
~ to 10% in foreign stocks at cost;
]NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF BOYNTON BEACH, FLORIDA~ THAT:
Section 1. That Chapter 18, Article BI, Pensions for Police Officers Section 18-
166 is hereby amended by adding the words and figures in underlined type and by
the words and figures in struck-through type, as follows:
18-166. Investments.
The investment powers and authority of the board of trustees of
the municipal police officers' retirement trust fund shall be in
accordance with the provisions of Florida Statutes, Section
185.06, provided, however:
(a) The aggregate investment of fund assets in:
(b) The aggregate investment of fund assets in the common stock or capital
~tock issued by a corporation organized under the laws of the United States, any state, or
organized territory of the United States or the District of Columbia shall not, at market,
exceed 60 per cent (60%) of the fund's assets; nor shall more than five per cent (5%) of
the fund's assets be invested in common stock or capital stock of any one issuing
company; nor shall the aggregate of such investment in any one issuing company exceed
three per cent (3%) of the outstanding common or capital stock of that company.
Investment in stocks issued by companies domiciled outside of the United States w/ll be
limited to ten (10) percent of the value of the plan's total assets (at cost).
Section 2. Each and every other Section of Chapter 18, not herein specifically
~nended, shall remain in full force and effect as previously enacted.
Section 3. All ordinances or parts of ordinances in conflict herewith be and
the same are hereby repealed.
Section 4. Should any section or provision of this ordinance or portion hereof,
any paragraph, sentence or word be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the remainder of this ordinance.
Section 5. Authority is hereby granted to codify said ordinance.
Section 6. This ordinance shall become effective immediately upon passage.
FIRST READING this ~ day of March, 2001.
SECOND, FINAL READING AND PASSAGE this c.4,~ day of ~ 2001.
oCo~issioner
Commissioner
ATTEST:
Cit~ Clerk
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