V (A) Second Reading: Ordinance No 95-29, amending Ordinanace No 91-08, relating to General Employees Retirement Trust Fund I
AGENDA 12-19-95
"CENTER OF GOOD LIVING - PRIDE OF WEST ORANGE" Item V A
Ocoee
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4 OF Gp00 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,
AMENDING ORDINANCE 91-08, ADOPTING THE CITY
OF OCOEE MUNICIPAL GENERAL EMPLOYEES'
RETIREMENT TRUST FUND AS SUBSEQUENTLY
AMENDED; AMENDING SECTION 4, FINANCESQAND
FUND MANAGEMENT TO ALLOW INVESTMENT UP
TO 10% LN INTERNATIONAL SECURITIES;
REPEALING ALL ORDINANCES IN CONFLICT;
PROVIDING FOR SEVERABILITY OF PROVISIONS AND
PROVIDING AN EFE CTIVE 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, Flozida. 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 lir 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, mutuaLfunds. 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
dig 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 peele4 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 Qr
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 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 CLO%) of the total fund asset value at cost in international
securities in a mural fund or commingledfund. The Board shall
provide a report to the City on the international investment experience
five years from the date this internatianaLinvestment 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 iitvestnients,
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 day of _ , 1995.
APPROVED:
A11hST: CITY OF OCOEE, FLORIDA
By:
Jean Grafton, City Clerk S. Scott Vandergrift, Mayor
(SEAL)
ADVERTISED , 1995
READ FIRST TIME , 1995
READ SECOND TIME AND ADOPTED
, 1995
FOR USE AND RELIANCE ONLY BY
THE COTY OF OCOEE, FLORIDA
APPROVED AS TO FORM AND LEGALITY
THIS day of , 1995.
CHRISTIANSEN & DEHNER. P.A.
Special Counsel
By:
APPROVED BY THE OCOEE CITY
COMMISSION AT A MEETING HELD
ON , 1995 UNDER
AGENDA ITEM NO.
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