O94-56ORDINANCE NO. 094-~-~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
CHAPTER 18, ARTICLE II OF THE CODE OF
ORDINANCES OF THE CITY OF BOYNTON BEACH,
FLORIDA (CITY CODE) BY AMENDING SECTION 18-
145. INVESTMENT OF FUNDS, AND CREATING A NEW
SECTION i8-145.1,. ENTITLED "STOCKS NOT MEETING
THE SPECIFIED QUALITY CRITERIA" TO PERMIT THE
PURCHASE OF STOCKS WHICH DO NOT MEET THE
RATING CRITERIA SPECIFIED IN CHAPTER 18,
ARTICLE VIII OF THE CITY CODE ; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY, AND
PROVIDING FORAN EFFECTIVE DATE.
WHEREAS, the City desires to permit limited investment in
securities not meeting the current specified quality criteria;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, that:
~-~. Chapter 18, ~Article II of the Code of
Ordinances of the City of Boynton Beach, Florida, is hereby amended
as follows:
CHAPTER 18. PENSION AND RETIREMENT
ARTICLE 11. EMPLOYEES PENSION PLAN
Section 145. Investment of Funds. The board
shall have full power to invest and reinvest
all funds within its control and to make
investments of all kinds that are permitted by
S~Liu~ 20 ' uf Li~ Buy~L~ B~ul~ CI~L~
Chapter 18. Article II of the Boynton Beach
~ and by Florida Law, except to the
extent that the cou~uil ~.~ shall have
directed the management of the pension funds
pursuant to the following sentences. The
~uu~il Commission shall have authority to
direct by resolution (a) that the board
deposit funds with banks and/or savings and
loan associations or invest pension funds in
securities, or (b) that some or all of the
pension funds should, pursuant to appropriate
contracts, be placed in the custody of a bank
or banks having trust powers, and/or invested
or reinvested.by such a bank or banks on a
fully discretionary basis so that such bank or
banks have sole responsibility for such
investments, subject however, to S~Liu~ 20 uf
Li~ B~3~Lu~ B~t~ Ct~zL~z' Chapter 18. Articl~
II of the Boynton Beach City Code and/or paid
to an insurance company or companies for
investment so as to provide annuities for
members of the plan and their beneficiaries in
accordance with the terms of this plan ....
CODING: Words in shzuuk ~lxmuu~l, type are deletion from
existing law;
Words in underscored type are additions.
pension, i
900182,Rev.12/15/94 Page 1 of 2
~ Chapter 18, Article II of the Code of
Ordinances of the City of Boynton Beach, Florida, is hereby amended
by creating a new subsection numbered 18-145.1, as follows:
Sec. 18-145.1. Stocks Meting the Specified
Ouality Criteria. Not withstanding anythiBg
in this Article to the contrary_, the Board of
Trustees may cause up to ten (10%) percent of
the equity portion of the general Employees'
Pension Fund to be invested in stocks whose
sole criteria shall be that they are listed on
any one or more of the recognized national
stock exchanges.
~. If any clause, section, or other part or
application of this Ordinance shall be held by any court of
competent jurisdiction to be unconstitutional or invalid, such
unconstitutional or invalid part or application shall be considered
as eliminated and so not effecting the validity of the remaining
portions or applications remaining in full force and effect.
Ail Ordinances or parts of Ordinances,
Resolutions or parts of Resolutions in conflict herewith be and the
same are hereby repealed to the extent of such conflict.
Authority is hereby granted to codify said
Ordinance.
This Ordinance shall become effective
immediately upon passage.
FIRST READING this ~ day of
SECOND, FINAL READING and PASSAGE this ~ day of
, 1994.
.CI_~OF BO~NTON BEACH, FLORIDA
CITY CLERK ~
CODING: Words in .~' ~ ype are e ' rom
existing law;
Words mn underscored type are additions.
pension. 1
900182,Rev.12/15/94 Page 2 of 2