15-96 ORDINANCE NO. 15-96
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
DELRAY BEACH, FLORIDA, REPEALING SECTION (1) OF
ORDINANCE NO. 107-82; TERMINATING A TRUST AGREEMENT
ENTERED INTO BETWEEN THE CITY OF DELRAY BEACH,
FLORIDA, AS SETTLOR, AND FIRST NATIONAL BANK OF
DELRA¥ BEACH, AS TRUSTEE, DATED NOVEMBER 13, 1964, AS
SUBSEQUENTLY AMENDED; PROVIDING A SAVING CLAUSE, AND
AN EFFECTIVE DATE.
WHEREAS, the City Commission has adopted Ordinance No.
41-95, amending provisions of Chapter 35 of the Code of Ordinances of
the City of Delray Beach concerning the administration of the General
Employees' Retirement Plan, and deleting certain provisions pertaining
to the trustee for said Plan; and
WHEREAS, pursuant to Ordinance No. 41-95, the Retirement
Committee of the General Employees' Retirement Plan has initiated
action to transfer certain assets of the Plan to professional
investment managers for the purpose of investing said assets in
accordance with investment policies established by the Retirement
Committee; and
WHEREAS, the existing retirement trust agreement between the
City and Sun Bank, N.A., originally entered into in 1964, and most
recently amended by Ordinance No. 107-82, is outdated and no longer
necessary.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF 'DELRAY BEACH, FLORIDA, AS FOLLOWS:
~_~ That Section (1) of Ordinance No. 107-82,
appointing Sun Bank, N.A., Orlando, Florida, as Successor Trustee of
the General Employees' Retirement Plan, as established in Ordinance
No. 13-74, as subsequently amended, is hereby repealed.
~ That the agreement and trust entered into
between the City of Delray Beach, as Settlor, and First National Bank
of Delray Beach, as trustee, dated November 13, 1964, as subsequently
amended, is hereby terminated pursuant to the provisions of Article
VIII, Section 2 of that Agreement.
Section ~, 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. That this ordinance shall become effective
immediately upon passage on second and final reading.
PASSED AND ADOPTED in regular session on second and final
reading on this the 2nd day of April , 1996.
ATTEST:
~City-ClMrk -
First Reading March 19, 1996
Second Reading April 2, 1996
- 2 - Ord. No. 15-96
[lTV OF DELR V BE I:H
CITY ATTORNEY'S OFFICE ~^~,,~:],,_?°° ~"~ "' ~07.,~.?~..~,^'"~'~'~' ~'~' ,~,, ~,o~,~^ ~
Writer's Direct Line: (40?) 243-709!
DATE: Mamh 4, 1996
TO: City Commission
FROM: Susan A. Ruby, City Attorney
SUBJECT: Ordinance Terminating Trust Agreement and Repealing Section 1 of
Ordinance No. 107-82
The purpose of this ordinance is to repeal Section 1 of Ordinance No. 107-82 which
named Sun Bank as successor Trustee to the General Employees Pension plan and to
terminate the trust agreement which was originally between the City and First National
and thereafter Sun Bank, as successor.
The City Commission passed Ordinance 41-95 which gave the General Employees
Pension Plan Retirement Committee the ability to invest, pursuant to investment policies
adopted by the Committee. Thus, the trusteeship of Sun Bank and the trust agreement
are no longer necessary.
By copy of this memo to David Harden, City manager, our office requests that this
ordinance be placed on the March 19, 1996 agenda for fn'st reading.
CC: David Harden, City Manager
Alison MacGregor Harty, City Clerk
At first reading on March 19th, the ordinance was passed by
unanimous vote. Recommend approval on second and final
reading.
~- ° ~/~/~ /o.
[lTV DF I]ELRfl¥ BEflCH
CITY ATTORNEY'S OFFICE~,,~,~[[~~° '~'~ TM ~?~?~_~?~^~'~' ~"^¥ "~'~"' ~°"~^ .4,,4
Writer's Direct Line: (407) 243-7091
MEMORANDUM
DATE: March 4, 1996
TO: City Commission
FROM: Susan A. Ruby, City Attorney
SUBJECT: Ordinance Terminating Trust Agreement and Repealing Section 1 of
Ordinance No. i07-82
The purpose of this ordinance is to repeal Section 1 of Ordinance No. 107-82 which
named Sun Bank as successor Trustee to the General Employees Pension plan and to
terminate the trust agreement which was originally between the City and First National
and thereafter Sun Bank, as successor.
The City Commission passed Ordinance 41-95 which gave the General Employees
Pension Plan Retirement Committee the ability to invest, pursuant to investment policies
adopted by the Committee. Thus, the trusteeship of Sun Bank and the trust agreement
are no longer necessary.
By copy of this memo to David Harden, City manager, our office requests that this
ordinance be placed on the March 19, 1996 agenda for first reading.
trust.sar
cc: David Harden, City Manager ~ ,~ ',.~
Alison MacGregor Harty, City Clerk 15~"~,~gAf'
A PUBLIC HEARING will be held on
rne followi~ proeosed ordinances et
7:00 P.M. on TUESDAY, APRIL 2,
1996 (Or at any continuati~ o~ such
rueetill~ which is set by the Commis-
sionl, in the City Commission Cham-
bers, I~ N.W 1st Avenue, Delray
Beach, Florida, at which time the City
· e proposal ordinances.
SECTION I1) OF ORDINANCE NO,
SUBSEQUENTLY AMENOED; PRO-
OATE.
City Clerk