07-010
TT
ORDINANCE NO. 07-010
2
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA, AMENDING SECTION 18-18.1 OF THE
BOYNTON BEACH CITY CODE TO EXPAND THE
FIREFIGHTER PENSION BOARD'S INVESTMENT
AUTHORITY BY PERMITTING INVESTMENT IN ALL
AUTHORIZED INVESTMENTS, AS PERMITTED BY
FLORIDA LAW; REPEALING ANY ORDINANCE IN
CONFLICT; PROVIDING A CONFLICTS CLAUSE;
PROVIDING AN EFFECTIVE DATE.
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37 Sec. 18-181.1. Stoeks not meeting speeified quality eriteria: Investment authority.
38 Pursuant to Fla.Stat. Section 175.071(1)(b), the Board may invest the assets of the plan in any
39 lawful investment. real or personal. as provided in Fla.Stat. Section 215.47, except as
40 otherwise limited by law.Notwithstanding anything in Article VIII of this ohapter to the
41 oontrary, the board of trustees may oause up to ten (10) pereent of the equity portion of the
42 fireman's pension fund to bc invested in stooks whose sole oriteria shall be that they are listed
43 on anyone (1) or more of the reeognized national stock c](ohaflges. Consistent with Section
44 175.071, Fla.Stat., the board of trustees may also invest up to ten percent (10%) of plan assets,
Page 1 of 2
WHEREAS, the City of Boynton Beach Florida, presently has a retirement plan and
trust for firefighters;
WHEREAS, the Board of Trustees of the Firefighter Pension Trust Fund desires to
expand the scope of permissible investments to permit utilization of all appropriate
investments authorized by Florida law;
WHEREAS, these investments are authorized by Section 175.071, Florida Statutes, if
adopted by municipal ordinance;
WHEREAS, the Board of Trustees' investment consultant has recommended the
following changes; and
WHEREAS, the City Council finds that the passage of this Ordinance is in the
interest of the firefighters and the citizens of the City of Boynton Beach.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF
THE CITY OF BOYNTON BEACH, FLORIDA:
Section 1. The foregoing "WHEREAS" clauses are hereby ratified and confirmed
as being true and correct, and are hereby incorporated herein and made a part hereof.
Section 2.
Section 8-181.1 is hereby amended as follows:
II
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
at cost, in foreign securities. Subsequent amendments to Chapter 175, Fla.Stat, which expand
the scope of permissible investments shall be incorporated herein upon adoption by the
Florida Legislature.
I 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 Ordinance or portion hereof, any
paragraph, any sentence, or word be declared by a court of competent jurisdiction to be
invalid, such decision shall not affect the remainder of this Ordinance.
Section 5.
Authority is hereby granted to codify this Ordinance.
Section 6.
This Ordinance shall become effective immediately upon passage.
FIRST READING, this Jl day of April, 2007.
I~
19
SECOND, FINAL READING AND PASSAGE, this
Yf\6 ,2007.
day of
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
ATTEST:
/
Yn.~
('~.
',,___ 6mn.l~~QD.el'"d__~r
".i...;;;___ -:::"":-~~"'"..m __.."..,,~~_,,-..-1' ____ ,~,.,....
. '-- _..~-
. --... -. .-.--- .---.---- -~')
~_.._-~. .
Page 2 of 2