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O83-39 ORDINANCE NO. ~ AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AMENDING THE CODE OF ORDINANCES, CITY OF BOYNTON BEACH, FLORIDA, CHAPTER 18. PENSIONS AND RETIREMENT, ARTICLE IV. PENSIONS FOR FIREMEN, sEcTION 18-181 TO PERMIT ~T~E AGGREGATEINVESTMENT ' OF FUND ASSETS IN COMMON STOCK OR CAPITAL STOCK SO AS NOT AT COST TO EXCEED FIFTY (5~°0~) PER CENT OF THE FUND'S ASSETS RATHER THAN THE PRESENT LIMITATION OF NOT EXCEEDING THIRTY (30%) PER CENT OF THE FUND ASSETS; PROVIDING A CONFLICTS CLAUSE, A SEVERABiLiTY CLAUSE, AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSEs. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF BOYNTON B~ACH, FLORIDA, THAT: Section 1: That Chapter 18. Pensions and Retirement, Article IV. Pensions for Firemen, Section 18.181. Investments. of the Code of Ordinances, City of Boynton Beach, Florida, is hereby amended to read as follows: The investment powers and authority of the board of trustees of the municipal firemen's pension trust fund shall be in'accordance with Florida Statutes, Section 175.071, provided, however: (a) The aggregate investment of fund assets in: (1) Obligations of the United States or obligations guaranteed as to principal and interest by the government of the United States; and (2) (3) County bonds containing a pledge of the full faith and credit of the county involved, bonds of the division of bond finance of the department of general services, or of any other state agency, which have approved as to legal and fiscal sufficiency by' the state board of ad- ministration; and Obligations of any municipal authority issued pursuant to the laws of this state; provided, however, that for ch of t~e five (5) years next ea preceding the ~ate of investment the income of such authority available for fixed char~es shall have been not less than 1.5 ~imes its average annual fixed- charges requirement over the 1 i ...... ife of ns ODllga~ons; and (4) Bonds or other certificates of indebtedness issued or guaranteed 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 cost exceed se~e~eM-pe~-ee~%-~8%~ sixty-five per cent (65%) of the fund's assets; nor shall more than ten per cent (10%) of the fund's assets be invested in the bonds or other certificates of indebtedness of any one issuing company; nor shall the aggregate of such invest- ment in any one issuing company exceed three per cent (3%) of the outstanding bonds or other certificates of indebtedness of that company. (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 the District of Columbia shall not at cost exceed ~h~-~e~-ee~-~%~ forty-five .per cent (45%) 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. (c) The board of trustees may retain in cash and keep unproductive of income such amount of the fund as it may deem advisable, having regard for the cash requirements of the fund. (d) The board of trustees may cause any investment in securities held by it to be registered in or transferred into its name as trustee or into the name of such nominee as it may direct, or it may retain them unregistered and in form permitting transferability~ but the books and records shall at all times show that all investments are part of the fund. Section 2: Should any section or provision of this Ordinance or a portion thereof be declared by a court of competent jurisdiction to be invalid, such decision shall not affeCt the remainder of this Ordinance. Section 3: Ail ordinances or parts of ordinances in conflict herewith are hereby re9ealed. Section 4: Specific authority is hereby granted to codify this Ordinance. Section 5: This Ordinance shall become effective ten (10) days after passage. FIRST READING this 1983. SECOND, FINAL READING and PASSAGE this day of ATTEST: CITY OF BOYNTON BEACH, FLORIDA ~o~ - VICE MAY~-~ C~JNCiL MEMBER (Seal)