HomeMy WebLinkAboutOrdinance 95-29
ORDINANCE NO. 95-29
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
AMENDING ORDINANCE 91-08, ADOPfING THE CITY
OF OCOEE MUNICIPAL GENERAL EMPLOYEES'
RETIREMENT TRUST FUND, AS SUBSEQUENTLY
AMENDED; AMENDING SECTION 4, FINANCES AND
FUND MANAGEMENT, TO ALLOW INVESTMENT UP
TO 10% IN INTERNA TIONAL SECURITIES;
REPEALING ALL ORDINANCES IN CONFLICT;
PROVIDING FOR SEVERABILITY OF PROVISIONS AND
PROVIDING AN EFFECTIVE 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 vm 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 ef 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 Plftft 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.
(5) Bonds, stocks, mutual funds. 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 pooled commingled fund administered
by a state or national bank, then the rating or ranking of each
issue in the pooled commingled fund shall hold a rating or
ranking within the top three (3) rating classifications of a major
rating or ranking service and international securities shall be
permitted in a mutual fund or commingled fund to the extent
provided for in subsection 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 anyone issuing
company, nor shall the aggregate investment in anyone 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 (10%) of the total fund asset value at cost in international
securities in a mutual fund or commingled fund. The Board shall
provide a report to the City on the international investment experience.
five years from the date this international investment authority is added
to the System. in order for the City to consider the advisability of
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amending the System by increasing or decreasing the 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 ADOPTED this ICjiJ day of ))~t-II1&r1!... , 1995.
APPROVED:
CITY OF OCOEE, FLORIDA
~n Grnfto~
(SEAL)
ADVERTISED D S.CE'MB e Q. ~ , 1995
READ FIRST TIME [) Ii Co. 5 , 1995
READ SECOND TIME AND ADOPTED
1) E C i: ~ B e R. I q , 1995
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS J q day of D~eEli\aell , 1995.
CHRISTIANSEN & DEHNER, P.A.
Special Counsel
By/I/)j/J 1~ ~
Ii
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON Dl!tf:MIHiI. ,q , 1995 UNDER
AGENDA ITEM NO. ~ l\
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