O94-52ORDINANCE NO. 094-~
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
CHAPTER 18 OF THE CODE OF ORDINANCES OF THE
CITY OF BOYNTON BEACH, FLORIDA (CITY CODE) TO
INCLUDE A NEW ARTICLE VIII ENTITLED
"INVESTMENT POLICIES"; TRANSFERRING SECTION
20.1 SUBSECTION D AND SECTION 20.1 SUBSECTION
D.1 OF THE CITY CHARTER TO CHAPTER 18, ARTICLE
VIII OF THE CITY CODE AND AMENDING CHAPTER
18, ARTICLE IV OF THE CITY CODE BY ADDING
SECTION 18-181.1, ENTITLED "STOCKS NOT MEETING
THE SPECIFIED QUALITY CRITERIA" TO PERMIT THE
THE PURCHASE OF STOCKS WHICH DO NOT MEET THE
RATING CRITERIA SPECIFIED IN CHAPTER 18,
ARTICLE VIII OF THE CITY CODE; PROVIDING FOR
CONFLICTS, SEVERABILITY, CODIFICATION AND AN
EFFECTIVE DATE.
WHEREAS, the City desires to clarify and consolidate to
provisions of the City Charter and Code .of Ordinances governing
pension and retirement fund investment policies; and
WHEREAS, the City desires to permit limited investment in
securities not meeting the current specified q~lity
criteria;
/
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, that:
~. Chapter 18, of the Code of Ordinances of the
City of Boynton Beach, Florida, is hereby amended by creating a new
Article VIII entitled "Investment Policies."
~. Section 20.1, Subsection (d) and Section 20.1,
Subsection (d.1) of the Charter of the City of Boynton Beach,
Florida, are hereby transferred to Chapter 18, Article VIII of the
Code of Ordinances of the City of Boynton Beach, and renumbered as
necessary.
~. Chapter 18, Article IV of the Code of
Ordinances of the City of Boynton Beach, Florida, is hereby amended
as follows:
CHAPTER 18. PENSION AND RETIREMENT
ARTICLE IV. PENSION FOR FIREFIGHTERS
CODING: Words in ~L~uuk tl~uuyl, type are deletion from
existing law;
Words in underscored type are additions.
pension. 1
900182,Rev.12/15/94 Page 1 of 3
SECTION 18-181.1. STOCKS NOT MEETING SPECIFIED OUALITY
CRITERIA. Notwithstanding anything in Article VIII of this
Chapter to the Contrary_. the Board of Trustees may cause up to
ten (10%~ percent of the equity portion of the Fireman's
P~msion 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.
Section 5 . 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.
Section 6. All 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 ~~~/~ , 1994.
SECOND, FINAL READING and PASSAGE this c~ day of
Mayor CZ
commi ~e~-
ATTEST:
Cit~ Clerk
Commissioner
CODING: Words in ~tzuuk ll~m~uyl, type are deletion from
existing law;
Words in underscored type are additions.
pension. 1
900182,Rev.12~15~94 Page 2 of 3