02-034 ORDINANCE 02- 0 3 ~
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
BOYNTON, FLORDA, AMENDING CHAPTER 18, PENSIONS AND
RETIREME~, ARTICLE III MUNICIPAL POLICE OFFICERS'
RETIREMENT SYSTEM OF THE BOYNTON BEACH CODE OF
ORDINANCES; BY AMENDING SECTION 18-167 POWERS OF THE
BOARD~ PROVIDING FOR FURTHER DIVERSIFICATION OF
INVESTMENTS; PROVIDING FOR CONFLICTS, SEVERABILITY,
CODIFICATION AND AN EFFECTIVE DATE HEREOF.
WHEREAS, the City of Boynton Beach Municipal Police Officers' ~Retirement
Trust Fund ("Fund") Board of Trustees ("Trustees"), at the advice of its £mancial consul-
tants, desires to add to the asset classes that the Fund may invest in; and
WHEREAS, the Board of Trustees of the Fund has determined that it is in the best
interest of the Participants and Beneficiaries of the Fund to further diversify its
investments; and
WHEREAS, the Trustees desire to add such a provision; and
WHEREAS, the City Council of the City of Boynton Beach, Florida, desires to
revise its Municipal Police Officers' Pension Ordinance in order implem~mt these
revisions to the Plan;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY.OF BOYNTON BEACH, FLORIDA:
Section I. That Section 18-167. Powers of the Board of Trustees, Subsection (a) is
aereby amended by adding the words and figures in underlined type, and by deleting the
words and figures in struck-through type, as follows:
S:\CA\Ordinances\Pension\Police Investment Policy Amendment 072302.doc
1
18-167. Powers of the Board of Trustees
(a.) The Board of Trustees may:
(2) Invest and reinvest the assets of the retirement trust fund in:
b. The aggregate investment of fund assets in:
3. Bonds or other evidences 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. However, the average credit rating of'
such investments in bonds shall be
; ..... -,-.-..~.. ,.-,.,-,,4 .... ..,1 ......+*'~'" !n°/- cf th
~A; ....... .,-+,q..,l-; ....1..,~; ..... +~A ;.,-, ?.~3.;Jl. no
lower than AA-;
* *
d. Real Estate_~ exc_ept that the aggregate investment of
fund assets in Real Estate may not exceed 10% of
assets.
Section 2. Each and every other Section of Chapter 18, not herein
pecifically amended, shall remain in full force and effect as previously enacted.
3:\CA\Ordinances\Pension\Police Investment Policy Amendment 072302.doc
2
Section 3. All ordinances or parts of ordinances in conflict herewith be and
:he same are hereby repealed.
Section 4. Should any section or provision of this ordinance or portion
hereof, any paragraph, sentence or word be declared by a court of competent
urisdiction to be invalid, such decision shall not affect the remainder of this
)rdinance.
Section 5. Authority is hereby granted to codify said ordinance.
Section 6. This ordinance shall become effective immediately upon
)assage.
FIRST READING this ~ -~ay of August, 2002.
SECOND, FINAL READING AND PASSAGE this ,,~o day of August, 2002..
Co~missioner
Commissioner
~,TTEST:
~\CA\ ~)~inances\~i~n~'o~ce Investment Policy Amendment 072302.doc