O82-36NO. 82-$ G
AN ORDINANCE OF T~IE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA, AMENDING
SECTION 18-181(b) INVESTMENTS, ARTICLE IV
PENSIONS FOR FIREMEN, CHAPTER 18 PENSIONS
AND RETIREMENT; PROVIDING A REPEAL CLAUSE;
PROVIDING A SAVINGS CLAUSE; PROVIDING
AUTHORITY TO CODIFY; PROVIDING AN EFFECT-
IVE DATE AND FOR OT~ER PURPOSES.
NOW, THEREFORE, BE IT HEREBY ORDAINED BY THE CITY
COUNCIL OF THE CITY OF BOYNTON BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Chapter 18, Pensions and Retirement,
Article IV, Pensions for Firemen, Section 18-181(b) Investments,
of the codified ordinance of the City of Boynton Beach, is
amended to read as follows:
(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
thirty per cent (30%) of the fund's assets; nor shall
more than five per cent (5%) of the fund's assets
be invested in
~a~eb~e~ess-~-aay-e~e-~e~g-esm~aayT 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
bonds or other certificates of indebtedness of that
company.
Section 2 - Authority-~to Codify - Specific authority
is hereby granted to codify and incorporate this Ordinance in
the City's existing Code.
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Section 3 - Separability - Each of the provisions of
this Ordinance is separable, including word, clause, phrase or
sentence, and if any portion thereof shall be declared invalid,
the remaining portion shall not be affected but shall remain in
full force and effect.
Section 4 - Repealing Pre,vision - All Ordinances or
parts of Ordinances in conflict here
Section 5 - An Effective
become effective in the manner and a
FIRST READING this ~j
1982.
SECOND, FINAL READING AND
with are hereby repealed.
Date - This Ordinance shall
t the time ~vided by law.
CIT OF BOYNTON BEACH, FLORIDA
~ouncil Member
day of
ATTEST
~ ~ity Clerk
.... (Corp. Seal)
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