O90-28ORDINANCE NO. 90-~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
CHAPTER 18, PENSIONS AND RETIREMENT, ARTICLE
III PENSIONS FOR POLICE OFFICERS, SECTION 18-
166(b) INVESTMENTS OF THE CITY CODE OF THE
CITY OF BOYNTON BEACH, FLORIDA; PROVIDING FOR
AN INCREASE IN THE PERMITTED AGGREGATE
INVESTMENT OF FUND ASSETS IN COMMON OR
CAPITAL STOCK FROM FORTY-FIVE (45%) PERCENT
TO FIFTY (50%) PERCENT OF THE FUNDS ASSETS;
PROVIDING A CONFLICTS CLAUSE; PROVIDING A
SEVERABILITY CLAUSE; PROVIDING AUTHORITY TO
CODIFY; PROVIDING AN EFFECTIVE DATE;
WHEREAS, the Board of Trustees of the Boynton Beach
Municipal Police Officers Pension Trust Fund upon recommendation
from the Board of Trustees Investment Advisors has recommended
that the aggregate investment of fund assets in common stock or
capital stock permitted under the terms of the Plan be increased
from Forty-five (45%) percent cap to a cap of fifty (50%) percent
of fund assets; and
WHEREAS, the City Commission of the City of Boynton Beach
Florida, wishes to amend the City of Boynton Beach Municipal
Police Officers Pension Trust Fund to accommodate those
recommendations;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1. Chapter 18, Article III, Section 18-166(b) is
amended to read as follows:
Section 18-166(b) The aggregate investment of
fund assets in the common stock or capital stock
issued by a corporation organized under the laws
of the United States, any state, or organized
territory of the United States or District of
Columbia shall not, at cost, exceed
~45%~ Fifty (50%) percent of the funds assets; nor
CODING:
Words in s%m~ek-*h~g°a type are deletion from
existing law;
Words in bold underscored type are additions.
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shall more than Five (5%) percent of the funds
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
outstanding common or
company.
(3%) percent of the
capital stock of that
Section 2. That all ordinances or parts of ordinances in
conflict herewith be and the same are hereby repealed.
Section 3. 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 4.
ordinance.
Section 5.
Authority is hereby granted to codify said
This ordinance shall become effective
immediately upon passage.
FIRST READING this
SECOND, FINAL READING and PASSAGE
~/~~__~ , 1990.
CITY
/
/ for
day of /~z/~r-- , 1990.
this ~- day
BE , FLORIDA
Mayor
~'C omr~ s ioner
~o~missioner
ATTEST
~ CITY C-L E-~K
of
CODING:
Words in ~%~ek-~h~ot~ type are deletion from
existing law;
Words in bold underscored type are additions.
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