O76-45ORDINANCE NO. 76-45
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
F~LAORIDA, AiV[ENlJING SEC. 21~86 AND ~C. 21-92 OF
CHAPTER 21 OF ~ coDIFIED ORDINaNCeS ~F SAID
CITY TO C~RtFY THE IN~ST~NT PO~S AND
AUTHORIT~S OF THE BOARDS, OF TRUSSES OF THE
MUNICIPAL P. OLICE OFFICERS' EETIRE~N~'
F~D;' ~EC~LZ; '~O~IbiNG FOR~2~T~ORiTY TO
AND
BE IT'ORDAINED BY THE CITer 'couNciL OF THE CITY OF
BOYNTON BEACH, FLORII~A:
Section t: Sec. 21-86 of Chapter 21 of the Codified Ordinances of 'the
City of Boynlon Beach, Florida, is hereby amended to read as fol[ows:
Sec. 21-86. 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 Statute Section I85.06 (1975), provided,
however:
(a) The aggregate investment of fund ~ssets in:
(1) Obligations of the United States or obligations guarantee
as to principal and inierest by the Government of the United
Stales; and
(2) County bonds containing a p~edge of the full faith and
credit of lhe county involved, bonds of the Division of Bond
Flnanc of the Deparlment of General mervlces, or of any
other state agendy, which have been approved as to legal and
fiscal sufficiency by ihe State Board of Administalion; and
(3) Obligations of any municipal authority issued pursuant to
the laws of this state; provided, however, that for each of
the 5 years next preceding the date of investment the income
of such authority available for fixed charges shah have been
not less than 1.5 times its average annual fixed-charges
quirement over the life of its obligations; and
(4) Bonds or other cerlificates of indebtedness issued or
guaranteed by a corporation organized under the laws of the
United States, any state, or organized territory of the Unite.
States or the District of Columbia
shah not at cost exceed 70% of the fund's assets; nor shall m~re
than 10% of the fund's assets be invested in the bonds or other
certificates of indebtedness of any on'e issuing company; nor
shah the aggregate of such investment in any one issuing compan
exceed 3% of the outstanding bond~ or other certHicates of in-
debtedness of that company.
(b) The aggregate investment of fund assets in the common stock
or capita[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 Coinmbia sh~[[ not at cost exceed
30% of the fund~ assets; nor shall more ihan 5% of lhe fund's
assets be invested in the bonds or other certificates of indebted-
ness of any one issuing company; nor shall the a~gregate of such
l-nvestment ir~ any one issuing company exceed 3% of the out-
standing bonds or other certificates of indebtedness 'of lhat
company;
(c) The board of trustees may retain in cash and keep unproduc-
tive 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 securitie
held by it to be registered in or transferred into its name as
trustee or Lato the name of such nominee as it may direct, or it
may retain them unregistered and in form permitting transfer-
ability, but lhe books and records shall at all times show that
all investments are part of the fund."
Seclion 2: Sec. 21-92 of Chapter 21 of the Codified Ordinances of the
City of Boynton Beach, Florida, is hereby amended to read as follows:
"Sec. 21-92. Investments.
The investment powers and authority of the board of trustees of the
municipal firemen's pension trust fund shall be in accordance with
Florida .Statute Section 175. 071 (1975), provided, however:
(a) The aggregate investment of fund assets in:
(1) Obligations of the United States or obligations guarantee~
as to principal and interest by the Government of. the United
States; and
(2) 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 ha~e been approved as to legal and
fiscal sufficiency by lhe State Board of Administration; and
(3) Obligations of any municipal authority issued pursuant to
the laws of this state; provided, however, that for each of
the 5 years next preceding the date of investment the income
of such authority available for fixed charges shah have been
not less than 1.5 times its average annual fixed-charges re-
quirement over the life of ils obligations; 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 Unite¢
States or the District of Columbia
shall not at cost exdeed 70% of the fund's assets; nor shall more
than 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 investmenl in ~ny one issuing compa~
exceed 3% of the outstanding bonds or ~o%her cerlificates of in-
debtedness of thai company.
(b) The aggregate investment of fund assets in the common sloc
or capital stock issued by a corporalion organized under the
of the United States, any slate, orcorganized territory of the
United States or District of Columbia shall not at cost exceed
30% of lhe fund's ~aSS~ts; nor shah more th~.n 5% of %he fund's
assets be invested in %h'e bonds or otker certificates of indebted-
ness Of any one issuing Company; no~ sh~[[ the aggregate of such
investin~nt in any one issuing co~np-a~y exc~ed 3% of the out-
standing bonds or other certificates o~ indebtedness of that
compamy.
(c) The, board of trustees may retain in cash and keep unproduc-
tive of income such amount of the fund as ii may deem advisable
having regard for the cash requirements oF %he fund.
(d) The board of trustees may cause any i~ivestment in securitie
held by it to be registered in or transferred into its name as
~rustee or into the name of such nominee as it may direct, or it
may retain %hem unregistered and in form permilling ~ransfer-
ability, but %he books and records shah az ail times show that
ali investments are part of the fund."
Section 3: Authority to Codify: Specific authorit~ is hereby ~ranted t¢
codify and incorporate this Ordinance in the City's existing Code.
Section 4: Separability: Each of the provisions' ' ef %h~s' Ordinance' is
separabie, i/~inding word, clause, phrase or sentence, and if any portion
thereof shah be declared invalid, %he remaining portion shall not be affected
but shah remain in fuji force and effect.
Section 5: t%epea[ing Provision: AIl ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 6: An Effective Date: This Ordinance shah become effective
in the manner and az %he time provided by law.
Firszreading %his ~7~/°
/~-~ day of , A.D,
Second, final reading and passage %his ~ day of
1976
A.D. 1976.
CITY OF BOYNTON BEACH, FLORIDA
]BY
ATTEST:
Council Menabe~
~u cil tV~!Frr~er
Council IVl~mb e r
Cily Clerk
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