Ord 44-01ORDINANCE NO. 44-01
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA AMENDING CHAPTER 33, "POLICE
AND FIRE DEPARTMENTS", SUBHEADING "PENSIONS", OF THE
CODE OF ORDINANCES OF THE CITY OF DELRAY BEACH,
FLORIDA BY AMENDING SECTION 33.66, "FINANCES AND FUND
MANAGEMENT," SECTION 33.66(E)(2)(b), TO MODIFY THE TIME
PERIOD FOR REBAI_ANCING PENSION FUND ASSETS;
PROVIDING A GENERAL REPEALER CLAUSE, A SAVING CLAUSE,
AND AN EFFECTIVE DATE.
WHEREAS, the City and the Board of Trustees of the Police and Firefighter
Retirement Plan desire to modify the period within which pension fund assets must be
rebalanced.
NOW, THEREFORE, be it ordained by the City Commission of the City of Delray
Beach, Florida as follows:
Section 1. That Section 33.66, "Finances and Fund Management",
Subsection E(2)(b) be and is hereby amended to read as follows:
(b) The Board of Trustees shall not invest more than five percent
(5%) of Trust Fund assets in the common or capital stock of any one issuing
company, nor shall the aggregate investment in common or capital stock in one
company exceed five percent (5%) of the outstanding common or capital stock of that
company; nor shall the aggregate of the Fund's investments in common or capital
stock using the market value method exceed seventy percent (70%) of the Fund's
assets, as measured on the last business day of each quarter. The Board of Trustees
shall rebalance the Fund's assets by the last business day of the following quarter,
unless the Board determines that it would not be economically feasible because
rebalancing would cause an economic loss, in which case the Fund's assets shall be
rebalanced as soon as it is economically feasible to do so.
Section 2. That all ordinances or parts of ordinances in conflict herewith be and
the same are hereby repealed.
Section 3. That should 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 of the remainder hereof as a whole or
part thereof other than the part declared to be invalid.
.Section 4.
and final reading.
That this ordinance shall become effective upon its passage on second
d ayofPASSED~/A~I'D ~ADOP~ED in regular2001, session on second and final reading on this the
MAYOR
City Clerk
First Reading 7'/~ ~/~/
Second Reading ~____~//~/
2 ORD. NO. 44-01
MEMORANDUM
TO:
FROM:
SUBJECT:
DATE:
NykYOR AND CITY COMMISSIONERS
~CITY MANAGER
AGENDA ITEM #10~. REGULAR MEETING OF AUGUST 7, 2001
ORDINANCE NO. 44-01 (POLICE AND FIRE PENSION PLAN)
AUGUST 3, 2001
This is second reading and a public heating for Ordinance No. 44-01 which amends Chapter 33, "Police
and Fire Departments", Subheading "Pensions", Section 33.66, "Finances and Fund Management~', and
Section 33.66(E)(2)Co), to modify the nme period for re-balancing pension fund assets.
The ordinance provides that investments in excess of the investment standard are to be continued until
is economically feasible to dispose of such investments m accordance wxth investment parameters and
meets the requirements of F.S. 112.661(5)(b) and F.S. 112.66(5)(b).
At first reading on July 24, 2001, the City Commission passed the ordinance by unanimous vote.
Recommend approval of Ordinance No. 44-01 on second and final reading.
Ref Agmemol50rd 44-01 Pohce & F~re Pensmn 08 07 01
CITY OF DELRI:I¥ BEACH
CITY ATTORNEY'S OFFICE
1993 DATE: July 17, 2001
TO:
FROM:
SUBJECT:
200 NW 1st AVENUE · DELRAY BEACH, FLORIDA 33444
TELEPHONE 561/243-7090 · FACSIMILE 561/278-4755
Wnter's Direct Dne: 561/243-7091
MEMORANDUM
City Commission
David T. Harden, City Manager
Susan A. Ruby, City Attorney
Ordinance No. 44-01, Police and Fire Pension Plan
Attached please find the above ordinance, which modifies the Police and Fire Pension Plan
to conform with the Division of Retirement's concerns that the previously adopted
ordinance did not meet the requirements of F.S. §112.661(5)(b). F.S. §112.66(5)(b)
provides that investments in excess of the investment standard are to be continued until it
is economically feasible to dispose of such investments in accordance with investment
parameters.
This ordinance has been reviewed by the City Police and Fire Pension Board. Please place
this ordinance on the next regular City Commission agenda for Commission action.
Attachment
CC:
Barbara Garito, Acting City Clerk
Joseph Safford, Finance Director
Bill Adams, Assistant Fire Chief
Stephen Cypen, Esq.
James W. Linn, Esq.
ORDINANCE NO. 44-01
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA AMENDING CHAPTER 33, "POLICE AND
FIRE DEPARTMENTS", SUBHEADING "PENSIONS", OF THE CODE OF
ORDINANCES OF THE CITY OF DELRAY BEACH, FLORIDA BY
AMENDING SECTION 33.66, "FINANCES AND FUND
MANAGEMENT," SECTION 33.66(E)(2)(b), TO MODIFY THE TIME
PERIOD FOR REBALANCING PENSION FUND ASSETS; PROVIDING A
GENERAL REPEALER CLAUSE, A SAVING CLAUSE, AND AN
EFFECTIVE DATE.
WHEREAS, the City and the Board of Trustees of the Police and Firefighter Retirement
Plan desire to modify the period within which pension fund assets must be rebalanced.
NOW, THEREFORE, be it ordained by the City Commission of the City of Delray
Beach, Florida as follows:
Section 1. That Section 33.66, "Finances and Fund Management", Subsection
E(2)(b) be and is hereby amended to read as follows:
(b) The Board of Trustees shall not invest more than five percent (5%) of
Trust Fund assets in the common or capital stock of any one issuing company, nor shall the
aggregate investment in common or capital stock in one company exceed five percent (5%) of
the outstanding common or capital stock of that company; nor shall the aggregate of the
Fund's investments in common or capital stock using the market value method exceed
seventy percent (70*/,) of the Fund's assets, as measured on the last business day of each
quarter. The Board of Trustees shall rebalance the Fund's assets by the last business day of
the following quarter~ unless the Board determines that it would not be economically feasible
because rebalancing would cause an economic Ioss~ in which case the Fund's assets shall be
rebalanced as soon as it is economically feasible to do so.
Section 2. That all ordinances or parts of ordinances in conflict herewith be and the same
are hereby repealed.
Section 3. That should 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 of the remainder hereof as a whole or part thereof other
than the part declared to be invalid.
Section 4.
reading.
That this ordinance shall become effective upon its passage on second and final
of
PASSED AND ADOPTED in regular session on second and final reading on this the ~
2001.
day
MAYOR
ATTEST:
City Clerk
First Reading
Second Reading
2 ORD. NO. 44-01
MyRorida. com
www MyFionda.com
DS~T~;Wr OF M~^~£~'s'r Post Office Box 3010
Tallahasscc, FL 3231:5-3010
SERVICES
Fax 850-921-2161
JEB BUSH, GOVERNOR
CYNTHIA A HENDERSON, SECRETARY.
August 30, 2001
Chief William S. Adams, Chairman
Delray Beach Police Officers' & Firefighters' Pension Fund
501 West Atlantic Avenue
Delray Beach, Florida 33444
Dear Chief Adams:
This is to acknowledge receipt of final ordinances #16-01, #36-01 and g44-01, for the Delray Beach Police and
Firefighter Retirement Plan.
We would like to invite the board members and others involved in the administration of your plan to the
Division's 33'a Annual Police Officers' and Firefighters' Pension Conference on October 24, 25 & 26, 2001. It will
be held at the Sheraton Safari Hotel in Orlando. The first'day is designed for new trustees and the next two days
represent the regular program. This program is offered as a public service by the Division of Retirement to help
keep the Board members, plan participants and others involved in the adminislration of the plans up to date on
issues and concerns specific to the Chapters 175 and 185 pension plans. Check out our website at
www.frs.state.fl.us/frs/mpf to find a copy of the Conference program and reservation information.
Thank you for your cooperation and assistance in this matter. If you have any questions, please contact our office
at (850) 922-0667.
Sincerely,
Palrieia F. Shoemaker
Benefits Administrator
Municipal Police Officers' and
Firefighters' Retirement Trust Funds
PFS/mjm
CC:
fi`Barbara Garito, City Clerk
Susan A. Ruby, City Attorney
Stephen H. Cypen, Plan Attorney
I. Stephen Palmquist, Plan Actuary
Charles Slavin, Actuary, Division of Retirement
RECEIVED
1 1o,
crrY CLEI K