23-76 ORDINANCE NO. 23-76
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
DELRAY BEACH, FLORIDA, AMENDING ARTICLE IV, CHAPTER
19 PENSION PLAN FOR POLICEMEN AND FIREMEN OF THE
CODE OF ORDINANCES BY REPEALING SUBSECTION 5(b) (4)
OF SECTION 19-37 AND SUBSTITUTING IN ITS P .LACE A
NEW SUBSECTION 5(b) (4); PROVIDING A SAVING CLAUSE;
PROVIDING AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
SECTION 1. That Subsection 5(b; (~) of S~ction 19-~37 is l~e~eby
repealed and a new Subsection 5(b)(4) of Section 19-37 is substituted in
its place as follows:
5(b) (4). The Board of Trustees shall not invest more
than five per cent (5%) of its as~,ets 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 three per cent (3%) of the outstanding
common or capital stock of that company; nor shall the
aggregate of the Fund's investments in common or capital
stock at cost exceed fifty per cent (5~) 6f the Fund's
assets. Assets of the Fund not invested in common or
capital stock may be invested in corporate bonds or other
legal investments as provided in Chapters 175 and 185,
Florida Statutes.
SECTION 2. If any sentence, clause, 'phrase or portion of this
ordinance is for any reason held invalid or unconstitutional by any court
of competent jurisdiction, such portion shall be deemed a separate, distinct
and independent provision and such holding shall not affect the validity
of the remaining portions hereof.
SECTION 3. This ordinance shall become effective upon'second and
final reading.
PASSED AND ADOPTED in regular session on second and final reading
on this the 26th day of July , 1976.
~City Clerk
First Reading June 28. 197§
Second Reading J,~ly 26, 1976