14-92 ORDINANCE NO. 14-92
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DELRAY
BEACH, FLORIDA, A~LENDING CHAPTER 33, "POLICE AND FIRE
DEPARTMENTS", SECTION 33.66, "FINANCES AND FUND
MANAGEMENT", BY AMENDING SUBSECTION (E)(2)(b), TO PROVIDE
THAT THE BOARD OF TRUSTEES MAY INVEST UP TO SIXTY PERCENT
(60%) OF THE TRUST FUND'S ASSETS IN COMMON OR CAPITAL
STOCK; PROVIDING A SAVING CLAUSE, A GENERAL REPEALER
CLAUSE, AND AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Title III, "Administration", Chapter 33, "Police
and Fire Departments", Subheading "Pensions", Section 33.66, "Finances and
Fund Management", Subsection (E)(2)(b), of the Code of Ordinances of the
City of Delray Beach, Florida, be, and the same is hereby amended to read
as follows:
(2) The Board of Trustees may invest and reinvest the assets of
the 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:
(a) 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.
(b) The Board of Trustees shall not invest more than five
percent (5%) of its assets 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 five percent (5%) 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 f~f~ sixty percent
~) (60%) of 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 F.S. Chapters 175 and 185.
Section 2. 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 effect the validity of the remainder hereof as a whole or part
thereof other than the part declared to be invalid.
Section 3. That all ordinances or parts of ordinances in
conflict herewith be and the same are hereby repealed.
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 27th day of October , 1992.
ATTEST:
~City C~erk '
First Reading October 13, 1992
Second Reading October 27~ 1992
MEMORANDUM
TO: MAYOR AND CITY COMMISSIONERS
FROM: CITY MANAGER ~I
SUBJECT: AGENDA ITEM ~ /O ~ _ MEETING OF OCTOBER 27. 1992
ORDINANCE NO. 14-92
DATE: OCTOBER 23, i992
This is the second reading of an ordinance which amends Section 33.66
(Finances and Fund Management) of the City's Code, specifically
subsection (E)(2)(b), to provide that the Police and Fire Board of
Trustees may invest up to sixty percent (60%) of the Trust Fund's
assets in common or capital stock. The code currently provides that
not more than fifty (50%) of the assets may be invested in this
manner.
This proposal was previously considered by the Commission on April 28,
1992, at which time certain aspects of the proposed amendments were
deferred for further study. The Commission indicated they would be in
favor of increasing the amount of investment from 50% to 60% as well
as certain grammatical and verbiage changes to the ordinance, provided
that mutually acceptable language could be arrived at. While
discussions remain ongoing as to certain verbiage, staff feels it
appropriate to proceed with the ordinance to permit the 50% to 60%
investment increase.
Recommend approval of Ordinance No. 14-92 on second and final reading.
ORDINANCE NO. 14-92
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF DELRAY
BEACH, FLORIDA, AMENDING CHAPTER 33, "POLICE AND FIRE
DEPARTMENTS", SECTION 33.66, "FINANCES AND FUND
MANAGEMENT", BY AMENDING SUBSECTION (E) (2) (b), TO PROVIDE
THAT THE BOARD OF TRUSTEES MAY INVEST UP TO SIXTY PERCENT
(60%) OF THE TRUST FUND'S ASSETS IN COMMON OR CAPITAL
STOCK; PROVIDING A SAVING CLAUSE, A GENERAL REPEALER
CLAUSE, AND AN EFFECTIVE DATE.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF DELRAY BEACH, FLORIDA, AS FOLLOWS:
Section 1. That Title III, "Administration", Chapter 33, "Police
and Fire Departments", Subheading "Pensions", Section 33.66, "Finances and
Fund Management", Subsection (E)(2)(b), of the Code of Ordinances of the
City of Delray Beach, Florida, be, and the same is hereby amended to read
as follows:
(2) The Board of Trustees may invest and reinvest the assets of
the 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:
(a) 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.
(b) The Board of Trustees shall not invest more than five
percent (5%) of its assets 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 five percent (5%) 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 f~f~ sixty percent
~%~ (60%) of 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 F.S. Chapters 175 and 185.
Section 2. 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 effect the validity of the remainder hereof as a whole or part
thereof other than the part declared to be invalid.
Section 3. That all ordinances or parts of ordinances in
conflict herewith be and the same are hereby repealed.
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 __ day of , 1992.
MAYOR
ATTEST:
City Clerk
First Reading
· Second Reading
[IT¥ DF i]ELRR¥ BEfl[H
CITY ATTORNEY'S OFFICE ~oo .~,~., ^~,~. ~.],^¥ .~^~.. ~o.]~^ ~..
FACSIMILE 407/27~-4755
Writer' a Direct Line
(407) 243-~092
September 30, 1992
Officer Sal Arena
Secretary, Police and Fire Pension Board
c/o Delray Beach Police Department
300 W. Atlantic Avenue
Delray Beach, FL 33444
Subject: Amendments to the Police and Fire Pension Ordinance
Our File #51-90.008
Dear Officer Arena:
You had contacted my office concerning the status of the draft
ordinance increasing the amount of investment and equities from
50% to 60%. This ordinance was prepared earlier this year and
it was my understanding that it is currently under review by
Mr. Cypen. The City Clerk is contacting Mr. Cypen in hopes of
getting the ordinance on the City Commission's October 13, 1992
agenda~
Should you have any further questions regarding this matter,
please do not hesitate to contact me.
Sincerely,
OFFICE OF THE CITY ATTORNEY
CITY OF DELRAY BE~. ~By: ~
~ef(fey ~. Kurtz, Esq.
City Attorney
JSK:jw
cc: Steve Cypen
Alison MacGregor Harty, City Clerk
pfpenord.js}
MEMORANDUM
TO: MAYOR AND CITY COMMISSIONERS
FROM: CITY MANAGER~
SUBJECT: AGENDA ITEM # ~Z~ MEETING OF OCTOBER 13, 1992
ORDINANCE NO. 14-92
DATE: OCTOBER 9, 1992
This is first reading of an ordinance which amends Section
33.66 (Finances and Fund Management) of the City's Code,
specifically subsection (E)(2)(b), to provide that the Police and
Fire Board of Trustees may invest up to sixty percent (60%) of
the Trust Fund's assets in common or capital stock. The code
currently provides that not more than fifty percent (50%) of the
assets may be invested in this manner.
This proposal was previously considered by the Commission on
April 28, 1992, at which time certain aspects of proposed
amendments were deferred for further study. The Commission
indicated they would be in favor of increasing the amount of
investment from 50% to 60% as well as certain grammatical and
verbiage changes to the ordinance, provided that mutually
acceptable language could be arrived at. While discussions
remain ongoing as to certain verbiage, staff feels it appropriate
to proceed with the ordinance to permit the 50% to 60% investment
increase.
Recommend approval of Ordinance No. 14-92 on first reading. If
passed, second reading and public hearing will be held on October
27, 1992.
RATON4~DELRAY BOYNTON BEACH4~ DEERFIEI, D BEACH
Published Daily ~. ,.w. ,. ~, ~,
Monday through Sunday ~, ~'~, ~
Boca Raton, Palm Boach County, Florida
Dol~ay Bo~eh, Palm ~oaeh ~oun~y, ~lo~ld~ '
MI~I~ ~ THE CI~ OK
BKH, F~Ri~ ~NDING
Before the undersigned authority personally 4~3,' C~T"~[ ~US[Nm
DISTRIC~ OF ~E ~ ~EVEL-'
appeared Nancy Smith, Inside Sales Man- OP~NTrR~U~*i~S OF
age? of The News, daily newspapers pub- -o.o~ DEL~Y'B~CH, FLORI,
lished in Boca Raton in Palm Beach County, v,..o'"* '[~ ~.~u~. '~
Florida; thit the attached copy of advertise- C~.O.~'T'O"X~ ~.o '" c~..~ eE..~[
ment was published in said newspapers in aV,NG C~m~ A'GENE~ RE-
P~LER C~U~ AND ~
the issues of:TIVE~TE..
THAT, A~ A~AL ~D~
~RT ~L BE SU~ED,
Affiant further says that Tho News is a ~.~"'u~s'"''"'~,~.. ~ ~m.s;
newspaper published in Boca Raton, in said VIDIKc~USE, AA.~NE~L~YiNG C~U~K~D
Palm Beach County, Florida, Monday ~.~-~,v~.L' * I.,,',
through Sunday, and has been entered as ~.~0,~.~.~,~c~. L
second class matter at the post office in
Boca Raton, Palm Beach County, Florida, c..,~. ~. ~,c~ .,o
DEPARTMENt', S~TION
for a period of one year next preceding the ,,,~,c, ~NO FUND
first publication of the attached copy of THET~(E~J~b~'rO~i~*~T~ARD~ TRUSTEtS .~Y
I~EST UP TO ~IX~ ~R~NT
advertisement; and affiant further says that c~, OF T"t TRUST ~"~S
SETS IN, ~ ~ ~PI?AL
he has neither paid nor promised any ST~K; PROVIDI~ A ~VING'
person, firm or corporation any discount, cu,~, ~D AN EFFE~iVE
rebate, commission or refund for the put- ~~ '
pose of securing this advertisement for pub- ~. o.~,.~i~ oF~.~,~ c~
llcation in said newspapers. .~c., ~o,,.., ~,o,.o ~c.
~R A CHA~E. IN THE .'~S
F~R ARE~ F~ THE ~R~
K~Wg ~ THE F~AINE FOX
~LEVARD; PROVIDING A
~ - lNG C~USE ~D AN EFFE~IVE
'Sworn to and subscribed before me this ~ ~' ~' ~
b~~~O ' .. C~
[~(~)~) My Comm. ~p. 5-3-94 ~'"'
uO~ueu ,,,F~ oc~v,u~