06-90 ~ O!~D!N~.NCE OF TH~ CITY CO~/~..ISSION OF T~E C!?Y OF
DE~Y B~CH, FLO~DA, ~'~iNG ~~ 33, "POLICE
.~ FIRE DE?%R~", OF ~ CODE OF O~IN~CES OF
~ Ci~' OF DE~%Y B~CH, FLO~DA, BY ~ING
SECTI ON 33 . 66, "FiN~CES ~ ~ ~AG~",
S~SECTION (E) (2}, DELETING
(c), D~NG ~ PROVISION ~T A CO~O~ON IN
~ICH P~SION ~ ~S~S
PAID CASH DIVIDES FOR A P~OD OF S~ FISC~
~ P~C~ING ~ DA~ OF ACQ~SI~ON;
PR~ISI~S CONC~ING ~ ~~. ~INGS OF SU~
CO~O~TIONS; DE~TING ~ PROHIBITION ON I~ST-
~S IN ~I~ ~ I~ OBLI~~S
B~ IN D~AULT D~ING
~~ING S~P~G~H (d) ~ S~P~G~H (b),
~ ~I~ SA~ S~P~~H
AG~~ I~~ IN C~
~ ONE CO~ S~ N~ ~CM~ 5% OF ~ O~-
S~~G C~ON OR C~I~ ~ OF ~T C~~;
PROVID~G A SAVINGS C~USE; ~DING A
~P~ C~USE; PROVIDING ~ ~CTI~ DA~.
NOW, ~, BE IT O~AI~ BY
CI~ OF D~Y B~CH, FLORIDA, ~ FO~S:
Section 1. That Chapter 33, "Police and Fire Depar~nts",
Section 33.66, "Fin~ces and ~d Manag~ent", S~section {E)(2) of the
Code of Ordin~ces of the City of Delray Beach, Flori~, be, and the
s~e is, hereby ~ended to read as follows':
(2) ~e Board of Trustees may invest ~d reinvest the assets
of the Trust ~nd in bonds, stocks, or other evidences of indebte~ess
issued or ~arante~ by a co~oration organized ~der the laws of the
United States, ~y state, or organized territo~- of the United States or
the District of Col~ia, provided:
(a) ~e co~oration is listed on any one or more of the
reco~ized natio~l stock exc~ges and hol~ a rating in one of the
three highest cl~sificatio~ by a major rat~g service.
e~ -sewe~- ~sea~-yea=s-~e~-~eee~$- ~he-~a~e-e~- ae~s~emr
s~a~a~s~
~e~a~-~me~e-~es ~-am-awe~a~e-~emH~-~-~7 -a~-~eas~-~a~-~e-~we
a~- ~e~- a~- Aeas~-e~a~-~e- ~we- ~es- ~he- ~e~-e~-~e-~e~es~-eha~es
~ v---~e--ee~e~a~eHT--ewe~--~he--~e~--eg--sewem
~e~e~a~ - ~me ~me -~es 7 -~ - awe~aUe -~e~ -~ -a~m -a~ - ~eas% -e~a~ -~e -6%
va½~e -el -a~teh-els~i~a~em- im-eaeM -el -~Me -~Mree -f~sea~ -~ears -
pe~e~
$~ ~e Board of Trustees shall not invest more ~han 5~
iks assets in ~he co~on or capital s~ock of an~ one iss~ng
nor shall the aggregate inves~en~ in co, on or capital stock in one
company exceed B ~ of the outsmarting c~on or capital s~ock
comp~y~ nor shall the aggregate of ~he P~d's inves~ents in c~on or
capital stock at cost exceed 50% of ~he Fund's assets. ~sse~s
Fund not inv~s~ in co. on or capital s~ock may ~ reinvested in
corporate bon~ or o~her legal investors as provided in
175 and 185.
Section 2. ~at all ordinates or par~s o~ ordinamces ~ich ~e in
conflic~ herewith be and ~he s~e are hereby repealed.
Section 3. ~at should an~ section or provision of t~s ordi~ce
or ~ ~r~ion thereo~, any para,apb, sentence or word be decl~ed ~ a
cour~ of competent jurisdiction ~o be invalid such decision shall no~
effect ~he vali~ty of the remainder hereo~ as a whole par~ thereof
o~her than ~he par~ decl~ed to be invalid.
Section ~. ~at this ordinate shall bec~e effective ~en (10)
days after its passage on second ~d final reading.
P~SS~ ~ ~~ in re~lar session on second and ~inal
reading on ~his ~he R Tth day of Febru~r~~90~~
City Clerk
OR,INA T
First Reading February 13, 1990
Second Reading February 27, 1990 ~,~,,~'m~ ~,-~,~,~ ~,~
D~VIDE~ FO~ A
Fl~ Y~
reac~