20-71 ORDINANCE NO. 20-71.
AN ORDINANCE OF THE CITY OF DELRAY BEACH,
FLORIDA, PROVIDING ADDITIONAL PENSION
BENEFITS FOR POLICE OFFICERS BEFORE AND
AFTER RETIREMENT: SAID PENSION BENEFITS
BEING IN ADDITION TO ALL PENSION BENEFITS
AS OF THIS DATE AS PROVIDED IN CHAPTER
185, FLORIDA STATUTES, 1971.
WHEREAS, the Delray Beach Municipal Police Officers' Retire-
ment Trust Fund, has grown both in assets and stability, and
WHEREAS, by sound ~nvestment and wise and prudent adminis-
tration by the Board of Trustees, the Municipal Police Officers'
Retirement Trust Fund is capable on a sound actuarial basis to
grant additional benefits to the policemen before or after re-
tirement, to these pension benefits presently provided under the
provisions of Chapter 185, Florida Statutes, 1971.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF DELI{AY BEACH, FLORIDA:
SECTION 1. MONTHLY RETIREMENT INCOME. The amount of monthly
retirement income payable to a policeman who retires on or after
his normal retirement date shall be an amount equal to the number
of his years of credited service multiplied by two and one-half
(2~/~) per cent of his average final compensation. If a policeman
has been contributing only three (3%) per cent of his salary, his
monthly retirement income shall be an amount equal to the number
of years of credited service multiplied by one and one-half (lb/o)
per cent of his final average compensation.
SECTION 2. INVESTMENTS. The Board of Trustees may invest
and reinvest the assets of the Municipal Police Officers' Retire-
ment Trust Fund in:
Bonds, stocks or other evidences of indebtedness issued or
guaranteed by a corporation organized under the laws of the United
States, .'any state or organized territory of the United States or
the District of Columbia, provided:
(1) The corporation is listed on any one or more of the
recognized national stock exchanges and holds a rating in
one of the three highest classifications by a major rating
service;
(2) The corporation has paid cash dividends for a period
of seven fiscal years next preceding the date of acquisition;
(3) The corporation fulfills either of the following
standards: Over the period of the seven fiscal years im-
mediately preceding purchase the corporation must have
earned after federal income taxes, an average amount per
annum, at least equal to two times the amount of the year-
ly interest charges upon its bonds, notes or other evidences
of indebtedness of equal or greater security outstanding
at date of purchase, and earned after federal income taxes,
an amount at least equal to two t~mes the amount of such
interest charges in each of the three fiscal years immediate-
ly preceding purchase; or the corporation over the period
of seven fiscal years immediately preceding purchase must
have earned after federal income taxes, an average amount
per annum at least equal to six per cent of the par value
Page 2. Ordinance No. 20-71.
of its bonds, notes or other evidences of indebtedness of
equal or greater security outstanding at date of purchase,
and earned after federal income taxes, an amount at least
equal to six per cent of the par value of such obligation
in each of the three fiscal years immediately preceding
purchase. No investment shall be made under this para-
graph upon which any interest obligation is in default
or which has been in default within the immediately pre-
ceding five-year period.
(4) The board of trustees shall not invest more than
three per cent of its assets in the common stock or capital
stock of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed three per
cent of the outstanding capital stock of that company; nor
shall the aggregate of its investments under this section
at cost exceed thirty per cent of the fund's assets.
SECTION 3. APPLICATION. Ail other provisions of Chapter 185,
Florida Statutes, shall meet all the requirements and be fully ap-
plicable, except for the provisions of this ordinance, to the City
of Delray Beach Municipal Police Officers' Retirement Trust Fund.
The increased pension benefits in the same percentage of increase
as provided for by this ordinance shall apply to all policemen
now receiving retirement benefits and all policemen eligible for
retirement benefits but not now retired, under the provisions of
the City of Delray Beach Municipal Police Officers' Retirement
Trust Fund, Chapter 185, Florida Statutes.
PASSED AND ADOPTED in regular session on the second and
final reading on the 28th day of June , 1971.
C/,MA y 0R ~
ATTEST':"
First Reading June 14, 1971.
Second Reading June 28, 1971.
DELRAY BEACH NEWS JOURNAL
Published Weekly
Delray Beach, Palm Beach County, Florida
PROOF OF PUBLICATION
STATE OF FLORIDA
COUNTY OF PALM BEACH
Before the undersigned authority personally appeared ..... ~..~..~...Y......L..;......~...°...°..d...e...I'.. .............
who on oath says that he/lf~e/s ...P..u~.li.~.kex. .................................... of The Delray Beach
News-Journal, a weekly newspaper published at Delray Beach in Palm Beach County, Flor-
ida; that the attached copy of advertisement, being a n...f~xd...Capt:i~n...i~.2.0.-..~l .......
in the matter of .P..r..o...v.i..cling....~tdd. i.t.i.onal...penz.£o.n...henef±ta....-.P..oli, ce
in the ...................................................................... Court, was published in said newspaper in the
~,,u. o~ .............. .o..~.~!.....J:.L..~.....z..!.,.....l~Z.! ..................................................................................
Affiant further says that the said Delray Beach News-Journal is a newspaper published
at Delray Beach, in said Palm Beach County, Florida, and that the said newspaper has
heretofore been continuously published in said Palm Beach County, Florida, each week and
has been entered as second class mail matter at the po~t office in Delmy Beach, in said
Palm Beach County, Florida, for a period of one year next preceding the first publication
of the attached copy of advertisement; and affiant further says that he has neither paid
nor promised any person, firm or corporation any discount, rebate, commission or refund
for the purpose of securing this advertisement
for publication in !~lae sai~ newspaper.
24th
June
..... d~ o~ ............ ~.n.
".~.-'... ORDINANCE'N~---------------- OF THE CITY OF
DELRAY BEACH , FLORIDA, PROVIDING
ADDITIONAL PENSION BENEFITS FOR POLICE
OFFICERS BEFORE AND AFTER RETIREMENT:
SAID PENSION BENEFITS BEING IN ADDITION
TO ALL PENSION BENEFITS AS OF THIS DATE
AS PROVIDED IN CHAPTER 185, FLORIDA
STATUTES, 1971.
WHEREAS, the Delray Beach Municipal Police Officers'
Retirement Trust Fund, has grown both in assets and stability, and
WHEREAS, by sound investment and wise and prudent adminis-
tration by the Board of Trustees, the Municipal Police Officers'
Retirement Trust Fund is capable on a sound actuarial basis to
grant additional benefits to the policemen before or after retire-
ment, to these pension benefits,.?~re~ently provided under the
provisions of Chapter 185, F.S~ 1971.
,
,BE IT ORDAINED BY THE/C6MMISSION OF THE CITY OF
DELRAY BEACH , FLORIDA:
Section 1. MONTHLY RETIREMENT INCOME. The amount of
monthly retirement income payable to a policeman who retires on
or after his normal retirement date shall be an amount equal to
the number of his years of credited service multiplied by two
one-
and 11~ (2% %) per cent of his average final compensation. If
a policeman has been contributing only three (3%) per cent of his
salary, his monthly retirement income shall be an amount equal
to the number of years of credited service multiplied by one and
one_
half (1~.%) per cent of his final average compensation.
Section 2. INVESTMENTS. The Board of Trustees may invest
and reinvest the assets of the Municipal Police Officers' Retire-
ment Trust Fund in:
Bonds, stocks or other evidences of indebtedness issued
or guaranteed by a corporation organized under the laws of the
United States, any state or organized territory of the United
States or the District of Columbia, provided:
(1) The corporation is listed on any one or more of the
recognized national stock exchanges and holds a rating in one
of the three highest classifications by a major rating service;
(2) The corporation has paid cash dividends for a
period of seven fiscal years next preceding the date of
acquisition;
(3) The corporation fulfills either of the following
standards: Over the period of the seven fiscal years immedi-
ately preceding purchase the corporation must have earned after
federal income taxes, an average amount per annum, at least
equal to two times the amount of the yearly interest charges
upon its bonds, notes or other evidences of indebtedness of equal
or greater security outstanding at date of Purchase, and
earned after federal income taxes, an amount at least equal to
two times the amount of such interest charges in each of the
three fiscal years immediately preceding purchase; or the cor-
poration over the period of seve~' fiscal years immediately
preceding purchase must have earned after federal income taxes,
an average amount per annum at least equal to six per cent of the
par value of its bonds, notes or other evidences of indebtedness
of equal or greater security outstanding at date of purchase,
and earned after federal income taxes, an amount at least
equal to six per cent of the par value of such obligation in
each of the three fiscal years immediately preceding purchase.
No investment shall be made under this paragraph upon which any
interest obligation is in default or which has been in default
within the immediately preceding five year period.
(4) The board of trustees shall not invest more than
three per cent of its assets in the common stock or. capital
stock of any one issuing company, nor shall the aggregate
investment in any one issuing company exceed three per cent of
the outstanding capital stock of that company; nor shall the
aggregate of its investments ~nder this section .at cost exceed
thirty per cent of the fund's assets.
(2)
Section 3. ~ APPLICATION. Ail other provisions of
Chapter 185, ~.S., shall meet all the requirements and be
fully applicable, except for the provisions of this ordinance,
to the City of Delra¥ Beach Municipal Police
Officers' Retirement Trust Fund. The increased pension benefits
in the same percentage of increase as provided for by this ordi-
nance shall apply to all policemen now receiving retirement
benefits and all policemen eligible for retirement benefits but
not now retired, under the provisions of the City of Delray Beach.
Municipal Police Officers' Retirement Trust Fund, Chapter 185, F~.S,~
PASSED AND' AD~PTED o~flrst"reading~..this ........ da~
PASSED AND ADOPTED/~final reading ~' - '~' .day
of , 1971.
A~ ~ ~%~ V,~.~.L-; ~
(MAYOR)
ATTESTED:
~-- (CLERK)
/ ~iNcIL)
(3)