O92-40ORDINANCE O92 -~D
AN ORDINANCE OF THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AMENDING ORDINANCE NO. 092-7 TO PROVIDE
FOR AN AMENDED INVESTMENT POLICY;
PROVIDING THAT EACH AND EVERY OTHER PART
OF ORDINANCE 092-7 NOT HEREIN
SPECIFICALLY AMENDED SHALL REMAIN IN
FULL FORCE AND EFFECT AS PREVIOUSLY
ENACTED; PROVIDING FOR CONFLICTS,
SEVERABiLITY, CODIFICATION AND AN
EFFECTIVE DATE.
WI~EREAS, Ordinance 092-7 was passed and adopted by the
±ty Commission of the City of Boynton Beach, Florida on
21, 1992; and
WflEREAS, subsequent to that date the Employees' Pension
met and had considerable discussion pertaining to the
Lnvestment policies contained in said Ordinance; and
WI~EREA$, it was the consensus of the Employees' Pension
~oard that the equity cap be increased from 35% to 40%
NOW, T~EREFORE, BE IT ORDAINED BY THE CITY CO~4ISSION
THE CITY OF BOYNTON BEACH, FLORIDA, T~AT:
Section 1. That Ordinance 092-7 be amended by the
~ttachment of an amended Investment Policy attached as
~xhibit "A", which will increase the equity cap from 35% to
f0%.
Section 2. That each and every other provision of
nce 092-7 not herein specifically amended shall remain
.n full force and effect as previously enacted.
Section 3. That all ordinances or parts of ordinances
in conflict herewith be and the same are hereby repealed.
Section 4. Should any section or provision of this
)rdinance or portion hereof, any paragraph, sentence, or
be declared by a court of competent jurisdiction to be
[nva!id, such decision shall not affect the remainder of
SECOND, FINAL READING and PASSAGE this ~/ day of
/~--~ , 1992.
CITY OF BOYNTON BEACH,
Mayor
FLORIDA
YTEST:
Vice Mayor
Com~issi~
(Corporate f,eal )
~md92-7.Ord
5/23/92
EXHIBIT "A"
INVESTMENT POLICIES
1. Investment in stocks issued by companies domiciled
outside of the United States will be limited to 10% of the
value of the Plan's total assets (at cost). Investment in
any single stock issue shall not exceed 2 1/2% of the Fund's
total value nor shall the equity portfolio's total value (at
cost) exceed 40% of the Fund's total assets.
2. The fixed income portion of the Boynton Beach
Employees' Pension Fund shall consist only of U.S.
Government and U.S. Government Agency bonds and/or bonds
issued by domestic corporations that are rated "A" or better
by Moody's or Standard & Poor's rating services. In the
event a bond rating drops below a rating of "A" it shall be
sold by the investment manager. Investment in any single
corporate bond issue shall not exceed 2 1/2% of the Fund's
total value.
3. Investments in mutual fund shares and bank
sponsored commingled funds are permissible. However, ninety
percent of the securities held in the mutual or commingled
funds must meet the criteria outlined above.
4. Ail ~nvestments in options, futures,
bonds, precious metals, private placements, short
purchases on margin are prohibited.
municipal
sales and
5. Investments in common stocks be limited to those
listed on a major stock exchange or NASDAQ.
6. Ail securities purchased must hold a ranking in
one of the top three classifications of a major rating
service.
7. Bonds and preferred stocks that are convertible
into common stock, or that include warrant for the price of
common stock, are allowed even if a premium price is being
paid for the convertible privilege or for the warrants, at
the professional direction of the Investment Manager.