O80-16 ORDINANCE NO. 80- /~
AN ORDINANCE OF THE CITY OF BOYNTON BEACH,
FLORIDA, AMENDING PROVISIONS OF SECTION 21-71
OF THE~CITY CODE OF SAID MUNICIPALITY PERTAINING
TO MUNICIPAL PENSION PLAN: PROVIDING FURTHER FOR
AN EFFECTIVE DATE, SAVINGS PROVISIONS, AUTHORITY
TO CODIFY, REPEALING PROVISIONS AND FOR OTHER
PURPOSES.
NOW HEREBY, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF BOYNTON BEACH, FLORIDA:
Section 1: That the terms and provisions of Section
21-71 of the codified ordinances of the City of Boynton Beach,
Florida, as enacted by Ordinance 68-10 on June 3, 1968, as
modified by Ordinance 69-20 enacted August 18, 1969, are hereby
amended as follows:
(a) Section 21-71 of the City Code is hereby deleted and
the following Section substituted therefor:
Section 21-71 Investment of Funds: The Board shall have
full power to invest and reinvest all funds within their control
and ~o make investments of all kinds that are permitted by
Section 20 of the Boynton Beach Charter and by Florida Law, except
to the extent that the Council shall have directed the manage-
ment of the pension funds pursuant to the following sentences.
The Council shall have authority to direct by resolution (a) that
the Board deposit funds with banks and/or savings and loan
associations or invest pension funds in securities, or (b) that
some or all of the pension funds should, pursuant to appropriate
contracts, be placed in the custody of a bank or banks having
trust powers, and/or invested or reinvested by such a bank or
banks on a fully discretionary basis so that such bank or banks
have sole responsibility for such investments, subject however,
to Section 20 of the Boynton Beach Charter, and/or paid to an
insurance company or companies for investment so as to provide
annuities for members of the Plan and their beneficiaries in
accordance with the terms of this Plan. Such contracts with
banks or insurance companies may be executed by the Board and
Page 1
shall continue in effect notwithstanding any change in the member-
ship of the Board or the Council until formal notice of termina-
tion has been received by said bank. By resolution the Council
may direct the Board to terminate any contracts entered into
pursuant to the preceding sentence or negotiate a.mendments there-
to, and to ratify any de facto contracts acceptable to the
Counc i 1.
Section 2: Se.Darability: Each of the provisions of this
Ordinance are separable, including word, clause, phrase, or
sentence, and if any portion hereof shall be declared invalid,
the remaining portiOn Shall not be affected but shall remain in
full force and effect.
Section 3: .Authority to Codify: Specific authority is
hereby granted to codify~and incorporate this Ordinance in the
City's existing COde.
Section 4: Repealinq Provisions: Ail Ordinances or parts
of Ordinances in conflict herewith are hereby repealed.
Section 5: Effective Date: This Ordinance shall become
effective in the manner and at the time provided in the Charter
and Ordinances of the City of Boynton Beach, Florida.
FIRST READING this
day of ~ , 1980.
SECOiTD, FINAL READING and PASSAGE this day of
· 1980.
CITY O~ BoYlq~ON BEACI-I~ FLORIDA
ATTEST:
City Clerk
Bye% Mayor (
Vice Mayor
o~c ~1 Mem~r
(Corp. Seal)