21-71 ORDINANCE NO. 21-71.
AN ORDINANCE OF THE CITY OF DELRAY BEACH,
FLORIDA, PROVIDING ADDITIONAL PENSION BEN-
EFITS FOR FIREMEN BEFORE AND AFTER RETIRE-
MENT: SAID PENSION BENEFITS BEING IN AD-
DITION TO ALL PENSION BENEFITS AS OF THIS
DATE AS PROVIDED IN CHAPTER 175, FLORIDA
STATUTES, 1971.
WHEREAS, the Delray Beach Municipal Firemen's Pens ion 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 Firemen's Pen-
sion Trust Fund is capable on a sound actuarial basis to grant
additional benefits to the firemen before and after retirement,
to these pension benefits presently provided under the provisions
of Chapter 175, Florida Statutes, 1971.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE
CITY OF DELRAY BEACH, FLORIDA:
SECTION 1. MONTHLY RETIREMENT INCOME. The amount of month-
ly retirement income payable to a fireman 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~/o) per cent of his average final compensation. If a fireman
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~/o)
per cent of his final average compensation.
SECTION 2. INVESTMENTS. The Board of Trustees may invest
and reinvest the assets of the Municipal Firemen's Pension 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 peri-
od of seven fiscal years next preceding the date of acqui-
sition.
(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 earn-
ed after federal income taxes, an average amount per annum,
at least equal to two times the amount of the yearly inter-
est charges upon its bonds, notes or other evidences of in-
debtedness 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 inter-
est charges in each of the three fiscal years immediately
preceding purchase; or the corporation over the period of
seven fiscal years immediately preceding purchase must have
Page 2. Ordinance No. 21-71.
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 para-
graph upon which any interest obligation is in default or
which has been in default within the immediately preced-
ing five year period.
(4) The board of trustees shall not invest more than
three per cent of its assets in the common stock or cap-
ital stock of any one issuing company, nor shall the ag-
gregate 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 sec-
tion at cost exceed thirty per cent of the fund's assets.
SECTION 3. APPLICATION. Ail other provisions of Chapter 175,
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 Firemen's Pension Trust Fund. The in-
creased pension benefits in the same percentage of increase as pro-
vided for by this ordinance shall apply to all firemen now receiv-
ing retirement benefits and all firemen eligible for retirement
benefits but not now retired, under the provisions of the C~ty of
Delray Beach Municipal Firemen's Pension Trust Fund, Chapter 175,
Florida Statutes.
PASSED AND ADOPTED in regular session on the second and final
reading on the 28th day of June , 1971.
)
~ '~ Y 0 R
ATTEST:
City Cle~
First Reading June 14, 1971.
Second Reading June 28, 1971.
DELKAY 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 ...... ..~...~...r...y.......L..!......~...o...o...d...e..~ .............
who on oath says that he/][~ is ....P..~..1...~...~...h..e....r.. ................................... 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 ]~....Q~..~....C_.~..p...~.j,..o....I!...j~....2._l...-..7...1.. ......
in the matter of ~P~9~i.d.i~g~d.~i.~i~.~n~.p~e~n~i~n~b.e~.n~.e~ii~.~.-.~.F.~i.~.~e.~en
in the ...................................................................... Court, was published in said newspaper in the
............... .................................................................................
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 post office in Delray Beach, in said
Pslm Beach County, FIorlda, 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
o,
for publication in~the ~ newspaper.
Sworn to and subscribed before me this ..... ..2...4.~..h. .... day//of ......
19..7...],
~t~ ORDINANCE ~ OF THE CITY OF
DELRAY BEACH , FLORIDA, PROVIDING
ADDITIONAL PENSION BENEFITS FOR FIRE-
MEN BEFORE AND AFTER RETIREMENT: SAID
PENSION BENEFITS BEING IN ADDITION TO
ALL PENSION BENEFITS AS OF THIS DATE
AS PROVIDED IN CHAPTER 175, FLORIDA
STATUTES, 1971.
WHEREAS, the D~]rav B~h Municipal Firemen's Pension
Trust Fund, has grown both i.n assets and stability, and
WHEREAS, by sound investment and wise and prudent admin-
istration by the Board of Trustees, The Municipal Firemen's
Pension Trust Fund is capable on a sound actuarial basis to
grant additional benefits to the firemen before and after
retirement, to these pension benefits presently provided under
the provisions of Chapter 175, F.S., 1971.
~/~c. ~ BE IT ORDAINED BY THE'_~k~-~{~N- OF_ THE CITY OF
DELRAY BEACH , FLORIDA:
Section 1. MONTHLY RETIREMENT INCOME. The amount of
monthly retirement income payable to a fireman who 'retires on
or ~fter his normal retirement date shall be .an amount equal to
the number 'of his years of credited service multiplied by~ two
and one-ha]f~2 %__%) per cent of his average final compensation.
If a fireman 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--
one and half (1~z %) per cent of his final average compensation.
Section 2. INVESTMENTS. The Board of Trustees may
invest and reinvest the assets of the Municipal Firemen's
Pension Trust Fund in:
Bonds, 'stocks or other evidehces o'f indebtedness issued
or guaranteed by a corporation organized under the laws of the
United ~tates, any state or organized territory of the United
States or the District of Columbia, providedi
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 indebted-
ness 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 fiscai years immediately 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 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 inves~Jnents under this section at cost exceed
thirty per cent of the fund's assets.
(2)
Section 3. APPLICATION. Ail other provisions of
Chapter 175, F.S., shall meet all the requirements and be
fully applicable, except for the provisions of this ordinance,
to the City of Delray. Beach Municipal Firemen's
Pension Trust Fund. The increased pension benefits in the same
percentage of increase as provided for by this ordinance shall/'"
.:'\/! ,
apply to all firemen now 'receiving retirement benefits and all .~!. '~ ~<~'
firemen eligible for retirement benefits but not now retired, ~
under the provisions of .the City of Deltay Beach Municipal
Firemen's Pension Trust Fund, Chapter 175, F.S.
PASSED AND ADOPTED on'first r~g this ~ day
of ................... , 1 ?~7~. ~
PASSED AND ADOPTED on final reading this day
of , 1971.
APPROVED:
' ' ( AYO )
ATTESTED:
('CLE )
(COUNCIL)
(3)