Ordinance No. 58-81-5 v .4.f tee.
ORDINANCE NO. 58-81-5
r
AN ORDINANCE AMENDING, BY ADDING TO, ORDI-
NANCE NO. 58-75-4 ENTITLED "ESTABLISHING A
RETIREMENT PROGRAM FOR CITY EMPLOYEES---";
PROVIDING AN EFFECTIVE DATE
BE IT ENACTED BY THE PEOPLE OF THE CITY OF ATLANTIC BEACH, FLORIDA:
Section 1. Section 11(b) is hereby amended by addition thereto
of sub-sentence to read as follows:
"; (3) any person participating in another program of
deferred compensation as approved by the City
Commission."
Section 2. This ordinance shall be effective immediately upon
its final passage.
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Passed and adopted on First Reading August 24, 1981
Passed and adopted on Second Reading September 14, 1981
40*
Passed and adopted on Third and Final Reading September 28, 1981
ATTEST:
(SEAL) a��a..40
Adelaide R. Tucker, City Clerk
ORDINANCE NO. 58-85-5
AN ORDINANCE AMENDING THE ORDINANCE CODE OF THE CITY
OF ATLANTIC BEACH, FLORIDA; AMENDING CHAPTER 2 DIVI-
SION 3, SECTION 2-290, RELATIVE TO THE INVESTMENT OF
RETIREMENT SYSTEM ASSETS TO PROVIDE PROCEDURES FOR
INVESTMENT IN EQUITY SECURITIES; PROVIDING AN
EFFECTIVE DATE
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF ATLANTIC
BEACH, FLORIDA:
Section 1 . Chapter 2, Division 3, Section 2-290, of the City
Code of Atlantic Beach, Florida, be and it hereby is amended to read as
follows:
CHAPTER 2
ADMINISTRATION
ARTICLE V. BOARDS AND COMMISSIONS
DIVISION 3 . RETIREMENT SYSTEM
Section 2-290 Investment of Retirement System Assets.
The Board of Trustees shall be the trustee of the monies and assets
of the Retirement System. The Board shall have full power and authority
to invest and reinvest such monies and assets subject to all terms,
conditions, limitations and restrictions imposed by the State on the
investments of public employee retirement systems. The Board shall
employ outside investment € 1.uic4 adviser to advise the Board in the
making and disposition of investments. All monies and assets of the
Retirement System shall be held for the sold purpose of meeting
disbursements authorized in accordance with the provisions of this
division, and shall be used for no other purposes.
The Board of Trustees may invest and reinvest the assets of the
retirement trust fund in:
(a) Time or savings accounts of a national bank, a state bank
insured by the Federal Deposit Insurance Corporation, or a savings and
loan association insured by the Federal Savings and Loan Insurance
Corporation.
(b) Obligations of the United States or in obligations guaranteed
as to principal and interest by the United States.
(c) Bonds, stocks, or other 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:
(1) The corporation is listed on any one or more of the recognized
national stock exchanges that holds a rating in one of the three highest
classifications by a major rating service.
(2) The Board of Trustees shall not invest more than 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 5%
of the outstanding capital stock of the company; nor shall the aggregate
of its investments under this paragraph at cost exceed 30% of the fund's
assets.
Investments shall not be made in any stocks, bonds, or other
securities owned or controlled by a government other than that of the
United States or of the several states. The Board of Trustees by
ordinance approved by a 2/3 vote of the City Commission may provide for
investments of greater than 30o in equity stocks.
Section 2. This ordinance shall take effect as provided by law.
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Passed by the City Commission on First Reading July 8, 1985.
Passed by the City Commission on Second $ Final Reading July 22, 1985
77/ ji0f/
illi.m 'owell, Mayor, Presiding Officer
Approved as to Form
and Correctness:
lause L. Mullis, ity Attorney
(SEAL)
ATTEST:
&;-,t_faLip}
A elaide R. Tucker CMC
City Clerk