O83-11O IN CE NO. / /
AN ORDINANCE OF THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
SECTION 18-166(b) INVESTMENTS, ARTICLE III
PENSIONS FOR POLICE OFFICERS, CHAPTER 18
PENSIONS AND RETIREMENT; PROVIDING A REPEAL
CLAUSE~ PROVIDING AUTHORITY TO CODIFY;
PROVIDING ~'SA~INGS'~.'CLAUSE!; PiROVID'ING~-~N 3--
EFFECTIVE DATE AND FOR OTHER PURPOSES-
NOW'~ THEREFORE, BE IT HEREBY ORDAINED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Chapter 18, Pensions and Retirement,
Article III, Pensions for Police Officers, Section 18-166(b)
Investments, of the codified ordinance of the City of Boynton
Beach, is hereby amended to read as follows:
(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
thirty per cent (30%) of the fund's assets; nor shall
more than five per cent (5%) of the fund's assets
be invested in the
~eB~e~es~-e~-~y-e~e-~s~-eempa~Y~ 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
eemp~myv common stock or capital stock of that company.
Section 2. Authority to Codify - Specific authority
is hereby granted to codify and incorporate this Ordinance in
the City's existing Code.
Section 3. Separability - Each of the provisions of
this Ordinance is separable, including word, clause, phrase or
sentence, and if any portion thereof shall be declared invalid,
the remaining portion shall not be affected but shall remain in
~ull force and effect.
Section 4. Repealing Provision ~- All Ordinances or
parts of Ordinances in conflict herewith are hereby repealed.
Section 5. An ~ffective Date - This Ordinance shall
become effective in the manner and at the time provided by law.
1983.
of
day
SECOND, FINAL READING AND PASSAGE this
CITY OF BOYNTON BEACh, FLORIDA
ATTEST:
City Cl~k
Council Member
(Corporate Seal)