O83-39 ORDINANCE NO. ~
AN ORDINANCE OF THE CITY COUNCIL OF
THE CITY OF BOYNTON BEACH, FLORIDA,
AMENDING THE CODE OF ORDINANCES, CITY
OF BOYNTON BEACH, FLORIDA, CHAPTER 18.
PENSIONS AND RETIREMENT, ARTICLE IV.
PENSIONS FOR FIREMEN, sEcTION 18-181
TO PERMIT ~T~E AGGREGATEINVESTMENT '
OF FUND ASSETS IN COMMON STOCK OR
CAPITAL
STOCK SO AS NOT AT COST TO
EXCEED FIFTY (5~°0~) PER CENT OF THE FUND'S
ASSETS RATHER THAN THE PRESENT LIMITATION
OF NOT EXCEEDING THIRTY (30%) PER CENT
OF THE FUND ASSETS; PROVIDING A CONFLICTS
CLAUSE, A SEVERABiLiTY CLAUSE, AUTHORITY
TO CODIFY; PROVIDING AN EFFECTIVE DATE;
AND FOR OTHER PURPOSEs.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF
THE CITY OF BOYNTON B~ACH, FLORIDA, THAT:
Section 1: That Chapter 18. Pensions and Retirement,
Article IV. Pensions for Firemen, Section 18.181. Investments.
of the Code of Ordinances, City of Boynton Beach, Florida, is
hereby amended to read as follows:
The investment powers and authority of the board of
trustees of the municipal firemen's pension trust fund shall be
in'accordance with Florida Statutes, Section 175.071, 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)
(3)
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 approved as to legal and fiscal
sufficiency by' the state board of ad-
ministration; and
Obligations of any municipal authority
issued pursuant to the laws of this
state; provided, however, that for ch
of t~e five (5) years next ea
preceding
the ~ate of investment the income of
such authority available for fixed
char~es shall have been not less than
1.5 ~imes its average annual fixed-
charges requirement over the 1
i ...... ife of
ns ODllga~ons; and
(4)
Bonds or other certificates of
indebtedness 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 se~e~eM-pe~-ee~%-~8%~
sixty-five per cent (65%) 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 invest-
ment 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 the District of Columbia shall
not at cost exceed ~h~-~e~-ee~-~%~ forty-five
.per cent (45%) of the fund's assets; nor shall
more than five per cent (5%) 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 per cent (3%) of the outstanding
common or Capital stock 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 in 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.
Section 2: Should any section or provision of this
Ordinance or a portion thereof be declared by a court of
competent jurisdiction to be invalid, such decision shall not
affeCt the remainder of this Ordinance.
Section 3: Ail ordinances or parts of ordinances in
conflict herewith are hereby re9ealed.
Section 4: Specific authority is hereby granted to
codify this Ordinance.
Section 5: This Ordinance shall become effective
ten (10) days after passage.
FIRST READING this
1983.
SECOND, FINAL READING and PASSAGE this
day of
ATTEST:
CITY OF BOYNTON BEACH, FLORIDA
~o~ -
VICE MAY~-~
C~JNCiL MEMBER
(Seal)