O83-03 ORDINANCE NO. 83-3
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA, AMENDING CHAPTER 18 "PENSIONS AND
RETIREMENTS", ARTICLE 3 "PENSIONS FOR POLICE
OFFICERS" BY CREATING SECTION 18-166.5
TITLING IT "APPOINTMENT OF INVESTMENT AD-
VISORS"; PROVIDING FOR REPEALING PROVISION;
PROVIDING FOR A SAVINGS CLAUSE; PROVIDING
AN AUTHORITY TO CODIFY; PROVIDING AN EFFECT-
IVE DATE AND FOR OTHER PURPOSES.
NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA as follows:
Section 1. That Chapter 18, Article 3 "Pensions for
Police Officers" of the Code of Ordinances of the City of Boynton
Beach., Florida, is hereby amended by enacting Section 18-166.5
',Appointment of Investment Advisors" which shall read as follows:
Section 18-166.5 Appointment Of Investment Advisors.
The Board of Trustees may appoint a National or State
Bank with trust powers, or other investment agencies, for the
purpose of serving as custodian of the fund, and all assets of
the fund shall promptly and continually be deposited therewith.
In order to fill its investment responsibilities as set forth
herein, the Board may retain the services of the custodian,
investment advisor registered under the Investment Advisors
Act of 1940, an insurance company or a combination of these for
the purposes of investment decision or management. Such in-
vestment manager shall have full discretion, subject to
Florida Statute 185.06 and Section 1.8-166 of the Boynton Beach
City Code and any broad guidelines as prescribed by the Board
of Trustees, in the investment of all fund assets.
Section 2. That should any ordinance or part of this
ordinance be declared by a Court of competent urisdiction to be
invalid, such decision shall not affect the renainder of the
ordinance.
Section 3. That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 4. Authority is hereby granled to codify this
ordinance.
Section 5. This ordinance shall become effective
1983.
immediately upon second reading and final passage.
FIRST READING this / ~%- day of
SECOND READING and FINAL PASSAGE this
!
day of
CITY OF BOYNTON BEACH
~(il Member
(SEAL)
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