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ORDINANCE N0.O9~-~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, ADOPTING A
STATEMENT OF INVESTMENT POLICY GOALS AND
GUIDELINES FOR THE CITY OF BOYNTON BEACH
EMPLOYEES PENSION PLAN; PROVIDING GUIDELINES
FOR PERMISSIBLE INVESTMENTS; PROVIDING
GUIDELINES FOR EQUITY PORTFOLIO; PROVIDING
GUIDELINES FOR FIXED INCOME PORTFOLIO;
PROVIDING GUIDELINES FOR MUTUAL FUNDS AND
COMMINGLED FUNDS; PROVIDING FOR PROHIBITED
TRANSACTIONS; PROVIDING GOALS FOR THE TOTAL
PORTFOLIO, THE EQUITY PORTFOLIO, AND THE
FIXED INCOME PORTFOLIO; PROVIDING FOR THE
PREPARATION OF A COMPREHENSIVE LIST OF
INVESTMENT POLICIES; PROVIDING FOR CONFLICTS;
PROVIDING FOR SEVE~ABILITY; PROVIDING FOR
CODIFICATION; AND PROVIDING AN EFFECTIVE
DATE.
WHEREAS,
Pension Plan
statement of
the Pension Board for the Boynton Beach Employees
has heretofore met to consider revisions to the
investment policy which it deems to be in the best
interest of the members of the plan and;
WHEREAS, the City Commission of the
has considered the proposed statement of
City of Boynton Beach
investment policy for
the employee's pension plan as well as the pension and retirement
fund investment policies as set forth in Section 20.1 of the City
Charter;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. Each "WHEREAS" clause set forth above is true
~nd correct and herein incorporated by this reference.
Section 2. The City Commission of the City of Boynton
Beach, Florida, hereby adopts the statement of investment policy
CODING:
Words in s%~uek-%h~e~h type are deletion from
existing law;
Words in underscore type are additions.
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goals and guidelines attached hereto as Exhibit "A". The
investment policies established by this Ordinance shall
supplement the existing investment policies as set forth in
Section 20.1(d) of the City Charter.
Section 3. To the extent that any investment policy
conflicts with an existing policy set forth in Section 20.1(d) of
the City Charter, the investment policy set forth in this
ordinance shall control and supersede that policy as set forth in
the Charter.
Section 4. The City Administration shall compile a
comprehensive list of the investment policies set forth in the
Charter and in this Ordinance and shall provide all City pension
91an advisors with a copy of the comprehensive list of investment
~olicies.
Section 5. That all ordinances or parts of ordinances in
~onflict herewith be and the same are hereby repealed.
Section 6.
deemed invalid,
competent jurisdiction, such decision
the remaining portions or sections of
remain in full force and effect.
In the event any portion of this Ordinance is
illegal or unconstitutional by any court of
shall in no manner effect
this Ordinance and shall
Section 7.
ordinance.
Authority is hereby granted to codify said
CODING:
Words in s~e~-%h~e~§h type are deletion from
existing law;
Words in underscore type are additions.
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4O
Section 8. This ordinance shall
immediately upon adoption by second reading.
FIRST READING this ~ day of
SECOND, FINAL READING and PASSAGE this
/ P IA , 992.
ATTEST:
become effective
, 1992.
~/ day of
CITY OF BOYNTON BEACH, FLORIDA
C~ i Soher
C ' ne
CLERK
(CORPORATE SEAL)
dACldJ
4/0~/92
[JAC/Formsl/Ord.]
CODING:
Words in s~ek-%h~e~gh type are deletion from
existing law;
Words in underscore type are additions.
Page 3 of 3
EXHIBIT "A"
INVESTMENT POLICIES
1. Investment in stocks issued by companies domiciled
outside of the United States will be limited to 10% of the
i~alue of the Plan's total assets (at cost). Investment in
iany~ single stock issue shall not exceed 2 1/2% of the Fund's
itotal value nor shall the equity portfolio's total value (at
cost) exceed 35% 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
~otal value.
3. Investments in mutual fund shares and bank
sponsored commingled funds are permissible. However, ninety
)ercent of the securities held in the mutual or commingled
funds must meet the criteria outlined above.
4. Ail investments in options, futures, municipal
bonds, precious metals, private placements, short sales and
purchases on margin are prohibited.
5. Investments in common stocks be limited to those
iilisted on a major stock exchange ~NASDAQ.
6. All securities purchased must hold a ranking in one
the top three classifications of a major rating service.
7. Bonds and preferred stocks that are convertible
i~nto common stock, or that include warrants for the price of
~ommon stock, are allowed even if a premium price is being
Ipa~d for the convertible privilege or for the warrants, at
!~he professional direction of the Investment Manager.