107-82 ORDI>:ANCE NO. 107-82
AN ORDIi~ANCE OF THE CITY COUNCIL OF THE CITY OF DELRAY
BEACH, FLORIDA, DESIGNATING THE SUN BANK, N.A., AS
SUCCESSOR TRUSTEE FOR THE GENERAL EMPLOYEES PENSION
PLAN, AS SET FORTH IN CHAPTER 18, "PENSIONS AND RETIRE-
MENT", ARTICLE IV, "PENSIONS FOR GENERAL EMPLOYEES";
PROVIDING FOR AMENDMENT OF THE RETIREMENT TRUST FOR
EMPLOYEES OF THE CITY OF DELRAY BEACH RELATIVE TO
RETENTION AND INVESTMENT OF TRUST ASSETS; PROVIDING
FOR A SAVING CLAUSE; PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the City of Delray Beach provides for a pension plan and related
benefits to its general employees as established in Ordinance No. 13-74, and subse-
quently amended; and,
WHEREAS, the City Council, the City Administration and the Retirement
Committee of the Retirement Plan for Employees of the City of Delray Beach has
determined that it is necessary to make the following administrative changes.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, AS FOLLOWS.
Section 1. That the Sun Bank, N.A., Orlando, Florida, shall act as Suc-
cessor Trustee pursuant to Ordinance No. 13-74, Section 3, and the agreement hereto-
fore entered into between the City of Delray Beach and the First National Bank of
Delray Beach (now known as Sun First National Bank of Delray Beach) as Trustee,
dated November 13, 1964.
Section 2. That the last sentence of ARTICLE V, Section 2 of the Retirement
Trust for Employees of the City of Delray Beach is hereby amended to read as follows:
Specifically such trustee may retain, acquire or otherwise deal
in stock for which it is registrar, transfer agent, and the like, may
deposit trust funds with itself as a bank, may invest in any common
trust fund for Qualified Employee Benefit Trusts maintained by any
bank in the United States acting as trustee hereunder, may con-
tract or otherwise enter into transactions between itself as trustee
and as a bank or between itself as trustee and any other institution
for which it then, theretofore or thereafter may be acting as
trustee, subiect to the laws of the State of Florida.
Section 3. That paragraph 1 of Section 18-68, "Introduction", of the Code of
Ordinances 'of the City of Delray Beach, Florida, is hereby amended to read as follows:
The plan will be administered by a committee, as more fully
described in section 18-148 of the plan. In conjunction with the
amendment and restatement of the plan, the city will continue the
trust fund pursuant to to an agreement which is known as the
"Retirement Trust for Employees of the City of Delray Beach"
(which trust agreement, as it is orig/nally written and as it may
hereafter be amended, is hereafter referred to as the "trust agree-
ment"), with the Sun First National Bank of Delrav Bench as
trustee or any successor trustee (hereinafter referred to as
"trustee"), and the funds contributed by the city and the employ-
ees for thp purpose of providin~ the benefits ~pecified in the plan
will be held in the trust fund and ndministered by the trustee in
accordance ~vi~h the prov-'lsions of the trust agreement.
Section 4. That should any section or pro%'ision of this ordinancp or any
portion thereof, an5' paragraph, sentence, or word be declared by n court of competent
jurisdiction to be invalid, such decision shall not ~ffect the validity of the remainder
hereof as ~ whole or part thereof other th,~n the part declared to be imvalid.
Section 5. That this ordinance shall become effective ten (10) days after its
passage on second and final reading.
PASSED AND ADOPTED in regular session on second and final reading on this
the llth day of January , 1982.
MAYOR
ATTEST:
City Cl~rk
First Reading December17,,
Second Reading January 1 ,,,1~21983
ORD. NO. 107-82