O83-42AN ORDINanCE OF THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA, A~4ENDING
CHAPTER 18~ PENSIONS AND RETIREMENT,
ARTICLE III. PENSIONS FOR POLICE OFFICERS,
SECTION 18-166. INVESTMENTS. TO ~ND
SAID SECTION TO REDUCE THE MAXIMUM PERCENTAGE
OF FUND ASSETS TO BE INVESTED IN BONDS FROM
SEVENTY (70%) PER CENT TO SIXTY-FIVE (65%)
PER CENT AND FURTHER A~ENDING SAID SECTION
TO INCREASE THE ~AXIMUM PERCENTAGE OF FUND
ASSETS INVESTED IN COMMON OR CAPITAL STOCK
FROM THIRTY (30%) PER CENT TO FORTY-FIVE
(45%) PER CENT OF THE FUND ASSETS~ PROVIDING
A SEVERABILITY CLAUSE~ A CONFLICTS CLAUSE,
AUTHORITY TO CODIFY, AND ~q EFFECTIVE DATE;
AND FOR OTHER PURPOSES°
NOW, HEREBY BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH~ FLORIDA, THAT:
Section 1: Chapter 18o Pensions and Retirement,
Article III. Pensions for Police Officers, Section 18-16~.
Investments. of the Code of Ordinances, City of Boynton Beach,
Florida, is hereby amended to read as follows:
Section 18-166. Investments.
The investment powers and authority of the board
of trustees of ~he municipal police officers' re-
tirement trust fund shall be in accordance with the
provisions of Florida Statutes, Section 185.06~
provided, however:
(a) The aggregate investment of fund assets in:
(1) Obligations of the United States or
obligations guaranteed as to principal
and interest by the Government of the
United States; and
(2) County bonds containing a pledge of the
full faith and credit of the county
involved, bonds of the division of bond
finance of the department of general
services~ or of any other state agency,
which have been approved as to legal
and fiscal sufficiency by the state
board of administration; and
(3) Obligations of any municipal authority
issued pursuant to the laws of this state;
provided, however~ that for each of the
five (5) years next preceding the date
of investment the income of such
authority available for fixed charges
shall have been not less than 1.5 times
its average annual fixed-charges
requirement over ~he life of its
obligations; and
(4)
Bonds or certificates of indebted-
ness issued or guaranteed by a
corporation organized under the
laws of the United States, any state,
or organized territory of the United
States or the District of Columbia;
shall not at cost exceed seventy per cent (70%) of
the fund's assets; nor shall more than ten per cent.
(10%) of the fund's assets be invested in the bonds
or other certificates of indebtedness of any one
issuing company; nor shall the aggregate of such
investment in any one issuing company exceed three
per cent (3%) of the outstanding bonds or other
certificates of indebtedness of that company.
(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 exceed
~h~-~8~ fifty (50) per cent of the fund's
assets; nor shall more than five (5) per cent of
the fund's assets be invested in common stock or
capital stock of any one issuing company; nor shall
the aggregate of such investment in any one issuing
company exceed three (3) per cent of the outstanding
bonds or other certificates of indebtedness of
that company.
(c) The board of trustees may retain in cash and keep
unproductive of income such amount of the fund as
it may deem advisable, .having regard for the cash
requirements of the fund.
(d) The board of trustees may cause any investment in
securities held by it to be registered or
transferred into its name as trustee or into the
name of such nominee as it may direct, or it may
retain them unregistered and in form permitting
transferability, but the books and records shall at
all times show that all investments are part of the
fund. (Code 1958, Sec. 21-92; Ord. No. 82-36;
Sec. 1, 10-6-82)
Section 2: That all ordinances or parts of ordinances
in conflict herewith are hereby repealed.
Section 3: That any section or provision of this
Ordinance or any portion thereof, any paragraph sentence or word
be declared by a court of competent jurisdiction to be invalid,
such decision shall not affect the validity or remainder hereof
as a whole or any part hereof other than the part declared to be
invalid.
Section 4: Specific authority is hereby granted to
codify this Ordinance.
Section 5:
ten (10) days after passage.
FIRST READING this
1983.
This Ordinance shall become effective
day of
, 1983.
day of
CITY OF BOYNTON BEACH, FLORIDA
VICE M~R
ATTEST:
C~TY
(Seal)