HomeMy WebLinkAboutVI (A) First Reading of Ordinance No 95-29, amending Ordinanace No 91-08, relating to General Employees Retirement Trust Fund. Second Reading and Public Hearing Scheduled for December 19, 1995 AGENDA 12-5-95
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5COMMISSIONERS
�b RUSTY JOHNSON
aCITY OF OCOEEPAUL W.FOSTER
150 N.LAKESHORE DRIVE SCOTT A.GLASS
VOCOEE,FLORIDA 34761-2258JIM GLEASON
(407)656 2322 CITY MANAGER
f G00� ELLIS SHAPIRO
MEMORANDUM
To: THE HONORABLE MAYOR AND BOARD
OF CITY COMMISSIONERS
From: ELLIS SHAPIRO, CITY MANAGER
Date: December 1, 1995
Subject: PROPOSED ORDINANCE No. 95-29
AMENDING GENERAL EMPLOYEES'
RETIREMENT TRUST FUND
Attached hereto is an amendment promulgated by the General Employee
Pension Board allowing them to invest up to 10% of their money in
international securities. The Staff has reviewed the Ordinance, made
suggestions that were included in the attached proposal, and
recommends adoption.
Respectfully Su•mitted,
ES:fdg
Attachment
ORDINANCE NO. 95-29
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
OOEEOCIPA9l THE F COMUNICIPALGENERAL EMPLOYEES'
RETIREMENT TRUST FUND AS SUBSEQUENTLY
AMENDED; AMENDING SECTION 4, FINANCESAND
FUND MANAGEMENTTO ALLOW INVESTMENT UP
TO 10% IN INTERNATIONAL SECURITIES;
REPEALING ALL ORDINANCES IN CONFLICT;
PROVIDING FOR SEVERABILITY OF PROVISIONS AND
PROVIDING AN EF'F'ECTIVE DATE.
BE IT ENACTED BY THE CITY COMMISSION OF THE CITY OF OCOEE,
FLORIDA, AS FOLLOWS:
SECTION 1. Authority. The City Commission of the City of Ocoee has the
authority to adopt this Ordinance pursuant to Article VIII of the Constitution of the State of
Florida and Chapter 166, Florida Statutes.
SECTION 2. Section 4, Finances and Fund Management, of the City of Ocoee
Municipal General Employees' Retirement Trust Fund, as adopted by Ordinance No. 91-08,
and as subsequently amended, is hereby amended to amend subsections 6.B. and 6.C., to
read as follows:
B. All monies paid into or held in the Pension Fund shall be invested and
reinvested by the Board and the investment of all or any part of such
funds shall be limited to:
(1) Annuity and life insurance contracts e€ with life insurance
companies in amounts sufficient to provide, in whole or in part,
the benefits to which all of the participants in the Fund shall be
entitled under the provisions of this Nan System and pay the
initial and subsequent premium thereon.
(2) Time or savings accounts of a national bank, a state bank or a
savings/building and loan association insured by the Federal
Deposit Insurance Corporation.
(3) Obligations of the United States or obligations guaranteed as to
principal and interest by the government of the United States.
(4) Bonds issued by the State of Israel.
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(5) Bonds, stocks, niutufunds. commingled funds administered by
National or State Banks or 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 that the security of
the corporation is traded on a nationally recognized Exchange
and holds a rating or ranking in one of the three highest
classifications by a major rating or ranking service, and if such
investments are made in a peeled commingled fund administered
by a state or national bank, then the rating or ranking of each
issue in the peeled commingled fund shall hold a rating or
ranking within the top three (3) rating classifications of a major
rating millnbul service and international securities shall be
permitted_in a mutual fund or commingled fund to the extent
provided for in sub ction 6.C. below.
C. The Board of Trustees shall not invest more than five percent (5%) 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 five percent (5%) of the outstanding capital stock of
that company; nor shall the aggregate of its investments in common
stock, capital stock and convertible bonds at cost exceed fifty percent
(50%) of the assets of the Fund. The Board may invest up to ten
percent (1Q.%) of the total fund_asset value at cost in international
securities in a utual fund or commingled fund. The Board shall
provide a report to the City on the international investment experience,
five years from the date this interna 'onat investment ly is added
to the - em in orde fir - Ci to c•n '•er the advisability of
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amending the S_ystem by increasing or decreasing_tlie_extent of
international_investments,
SECTION 2. Repeal of Ordinances. All ordinances or parts of ordinances in
conflict herewith are hereby repealed.
SECTION 3. Severability. In the event any section, subsection, paragraph,
sentence, clause, phrase or word of this ordinance shall be held invalid by a court of
competent jurisdiction, then such invalidity shall not affect the remaining portions hereof.
SECTION 4. Effective Date, This ordinance shall take effect upon adoption.
PASSED AND ADOP'T'ED this day of , 1995.
APPROVED:
ATTEST: CITY OF OCOEE, FLORIDA
Jean Grafton, City Clerk By. S. Scott Vandergrift, Mayor
(SEAL)
ADVERTISED , 1995
READ FIRST TIME , 1995
READ SECOND TIME AND ADOPTED
, 1995
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS day of , 1995.
CHRISTIANSEN & DEFIER, P.A.
Special Counsel
By:
APPROVED BY THE OCOEE CITY
aeoereetit 12994.«a COMMISSION AT A MEETINGHE, 1995 LD
AGENDA ITEM NO.
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