O95-41 ORDINANCE NO. O95-,,/-/
AN ORDINANCE OF THE CITY COMMISSION OF THE
CITY OF BOYNTON BEAC~..FLORIDA, AMENDING
CHAPTER 18. ARTICLE ~ PENSION FOR
FIREFtGHTERS BY AMENDING SEC~-81 (B),
PROVIDING FOR A MODIFICATION IN THE ASSET
ALLOCATION; PROVIDING FOR CONFLICTS,
SEVERABILITY, CODIFICATION AND AN EFFECTIVE
DATE.
WHEREAS, the City of Boynton Beach Municipal Firefighters Pension Trust
Fund conducted a special meeting on October 10, 1995 at which it was decided to
change the asset allocation from 50/50 to 60/40 in an effort to offer an option to the
money managers;
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF BOYNTON BEACH, FLORIDA, THAT:
Section 1. Chapter 18. Section 18-181 (b) is hereby amended by adding the
words and figures in underlined type and by deleting the words and figures in struck
through type, as follows:
Section 18-181. Investments
(b) The aggregate investment of fund assets in the
common stock or capital stock issued by a corporation
organized under the laws of the United States, any state,
or organized territory of the United States or District of
Columbia shall not at cost excee~ sixty (60)
percent of the fund's assets; nor Shall more than five (5)
percent of the fund's assets be invested in common stock
or capital stock...
Section 2. CONFLICTS. All laws and ordinances applying to the City of
Boynton Beach in conflict with any provisions of this ordinance are hereby repealed.
Section 3. SEVERABILITY. Should any section or provision of this
Ordinance or any portion thereof be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the remainder of this Ordinance.
Section 4. CODIFICATION.
Ordinance.
Section 5. EFFECTIVE DATE.
immediately upon passage.
FIRST READING this
Authority is hereby given to codify this
This Ordinance shall become effective
day of
1995.
SECOND, FINAL READING AND PASSAGE this ,~/ day of
CITY OF BOYNTON BEACH, FLORIDA
Mayor
ATTEST:
City'Clerk
Vice
BBMFPT. 10/13/95