HomeMy WebLinkAboutOrdinance 2005-015
ORDINANCE NO. 2005-015
AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA,
RELATING TO THE CITY OF OCOEE MUNICIPAL
GENERAL EMPLOYEES' RETIREMENT TRUST FUND,
ADOPTED AND RESTATED IN FULL BY ORDINANCE
NUMBER 96-19; AS SUBSEQUENTLY AMENDED; IS
HEREBY FURTHER AMENDED BY AMENDING
SECTION 4, FINANCES AND FUND MANAGEMENT;
REPEALING ALL ORDINANCES IN CONFLICT
HEREWITH AND PROVIDING AN EFFECTIVE DATE.
SECTION 1: Authoritv. The City Commission ofthe 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: That Ordinance No. 96-19, adopting the amended and restated City of
Ocoee Municipal General Employees' Retirement Trust Fund, as subsequently amended, is
hereby further amended by amending Section 4, Finances and Fund Management,
subsection 6.C., to read as follows:
6.
C.
The Board 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 oost market exceed sixty percent (60%) seventy
percent (70%) of the assets of the Fund. The Board may invest up to tea
percent (10%) twenty percent (20%) of the total fund asset value at oost
market 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 amending the System by increasing or
decreasing the extent of international investments.
SECTION 3. Repeal of Ordinances. All ordinances or parts of ordinances in
conflict herewith are hereby repealed.
SECTION 4. Effective Date. This ordinance shall take effect upon adoptions.
PASSED AND ADOPTED this ~ day of Cc\o~, 2005.
ATTEST:
APPROVED:
CITY OF OCOEE, FLORIDA
~E~
Bet Eikenberry, City Cl&
B;$"5;;rt ()~ . J
S. Scott Vandergrift, Mayor ~
(SEAL)
I
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA.
APPRO~~D AS TO FORM AND LEGALITY
THIS i day of -N ilJp "" ~f2005
CHRISTIANSEN & DEHNER, P.A.
Special Counsel '"
Ii
By: !<V,^^"~.i/\
FOR USE AND RELIANCE ONLY BY
THE CITY OF OCOEE, FLORIDA.
APPROVED AS TO FOI3.M ~ND LEGALITY
THIS -1.!-DAY OF O(.,,;rj>l.;,cr ,2005.
FOLEY & LARDNER LLP
BY: fJl{~
City Attorney
noc\ocoee\gen\05-31-05.ord
ADVERTISED October 9, 2005.
READ FIRST TIME October 4. 2005.
READ SECOND TIME AND ADOPTED
October 18.2005.
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON October 18.2005. UNDER AGENDA
ITEM NO. 2-.
2