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HomeMy WebLinkAboutOrdinance 98-33 ORDINANCE NO. 98- 33 AN ORDINANCE OF THE CITY OF OCOEE, FLORIDA, RELATING TO THE CITY OF OCOEE MUNICIPAL POLICE OFFICERS' AND FIREFIGHTERS' RETIREMENT TRUST FUND, ADOPfED AND RESTATED IN FULL BY ORDINANCE NO. 96-20; AMENDING SECTION 4, FINANCES AND FUND MANAGEMENT; PROVIDING FOR SEVERABILITY OF PROVISIONS; REPEALING ALL ORDINANCES IN CONFLICT HEREWTIH AND PROVIDING AN EFFECTIVE DATE. 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 s.~tutes. SECTION 2: That Ordinance No. 96-20, adopting the amended and restated City of Ocoee Municipal Police Officers' and Firefighters' Retirement Trost Fund, is hereby amended by amending Section 4, Finances and Fund Management, subsection 6.B, to read as follows: B. All monies paid into or held in the 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 with life insurance companies in amounts sufficient to provide, in whole or in part, the benefits to which all of the Members in the Fund shall be entitled under the provisions of this System and pay the initial and subsequent premium thereon. (2) Time or savings accounts of a national bank, a state bank insured by the Bank Insurance Fund or a savingslbuilding and loan association insured by the Savings Association Insurance Fund which is a~~i~~f:d b~ ~ Federal Deposit Insurance Corporation or ft de chartered credit union whose share accounts are insured by the National Credit Union Share Insurance Fund. (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 3srael (5) Stocks, commingled funds administered by national or state banks, mutual funds and bonds or other evidences of indebted- ness, provided that::- .(a) Except as provided in paragraph (b), all individually held equity and debt securities and all equity and debt securities in a commingled or mutual fund must be issued or - 1 - Be. ED. FE. (Ill Up to ten percent (10 %) of the assets in the Fund may be invested in foreign securities. €7W The Board shall not invest more than five percent (5 %) of its assets in the common stock, capital stock, or convertible securities 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 securities at cost exceed sixty percent (60%) of the assets of the Fund. The Board may retain in cash and keep unproductive of income such amount of the Fund as it may deem advisable, having regard for the cash requirements of the System. The Board may cause any investment in securities held by it to be registered in or transferred into its name as Trustee or into the name of such nominee as it may direct, or it may retain them unregistered and in form permitting transferability, but the books and records shall at all times show that all investments are part of the Fund. The Board is empowered, but is not required, to vote upon any stocks, bonds, or securities of any corporation, association, or trust and to give general or specific proxies or ~owers of attorney with or without power of substitution; to participate m mergers, reorganizations, recapitaliza- tions, consolidations, and similar transactions with respect to such securities; to deposit such stock or other securities in any voting trust or any protective or like committee with the Trustees or with depositories designated thereby; to amortize or fail to amortize any part or all of the premium or discount resultin~ from the acquisition or disposition of assets; and generally to exerCIse any of the powers of an owner with respect to stocks, bonds, or other investments comprising the Fund which it may deem to be to the best interest of the Fund to exercise. -2- 6E. The Board shall not be required to make any inventory or appraisal or report to any court, nor to secure any order of court for the exercise of any power contained herein. fIG. Where any action which the Board is required to take or any duty or function which it is required to perform either under the terms herein or under the general law applicable to it as Trustee under this ordinance, can reasonably be taken or performed only after receipt by it from a Member, the City, or any other entity, of specific information, certifica- tion, direction or instructions, the Board shall be free of liability in failing to take such action or perform such duty or function until such information, certification, direction or instruction has been received by it. IH. Any overpayments or underpayments from the Fund to a Member, Retlree or Beneficiary caused by errors of computation shall be adjusted with interest at a rate ~r annum approved by the Board in such a manner that the Actuarial Eqwvalent of the benefit to which the Member, Retiree or Beneficiary was correctly entitled to, shall be paid. Overpayments shall be charged against payments next succeeding the correction or collected in another manner if prudent. UnderPayments shall be made up from the Fund in a prudent manner. fl. The Board shall sustain no liability whatsoever for the sufficiency of the Fund to meet the payments and benefits herein provided for. *1. In any application to or proceeding or action in the courts, only the Board shall be a necessary party, and no Member or other person having an interest in the Fund shall be entitled to any notice or service of process. Any judgment entered in such a proceeding or action shall be conclusive upon all persons. l:K. Any of the foregoing powers and functions reposed in the Board may be performed or carried out by the Board through duly authorized agents, provided that the Board at all times maintains continuous supervision over the acts of any such agent; provided further, that legal title to said Fund shall always remain in the Board. SECfION 3. Repeal of Ordinances. All ordinances or parts of ordinances in conflict herewith are hereby repealed. SECfION 4. 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. SECfION 5. Effective Date. This ordinance shall take effect upon second reading and adoption. -3- .Nt- PASSED AND ADOYfED this ~ day of JJ c(L-M (S6fL , 1998. APPROVED: ArrEST: CITY OF OCOEE, FLORIDA BY~~YM~ S. Scott Vandergrift, May (SEAL) ADVERTISED NOVEMBER 19 , 1998 READ FIRST TIME NOVF,MRF.R 17 , 1998 READ SECOND TIME AND ADOPTED UE:'~MB~ I , 1998 FOR USE AND RELIANCE ONLY BY THE CITY OF OCOEE, FLORIDA APPRO~D AS TO.lORM~ LEGALITY TIllS ~ day of pro"'{ , 1998. CHRISTIANSEN & DEHNER, P .A. Special Counsel By: k}1~DoL y APPROVED BY THE OCOEE CITY COMMISSION AT A MEETING HELD ON i)~ cE-1l1 Bt-,( I , 1998 UNDER AGENDA ITEM NO.~. bm\ocoee\pt\06-30-98.ord -4-