Ordinance No. 58-91-16 v ORDINANCE NO. 58-91-16
AN ORDINANCE AMENDING THE CODE OF
ORDINANCES OF THE CITY OF ATLANTIC
BEACH, AMENDING CHAPTER 2 , ADMINIS-
TRATION, DIVISION 3: RETIREMENT SYSTEM,
INCREASING UNDER SECTION 2-290 THE
PERCENTAGE OF FUND ASSETS ALLOWED TO BE
INVESTED IN QUALIFIED STOCKS, AND
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY
OF ATLANTIC BEACH, FLORIDA:
SECTION 1 : Section 2-290 (c) (2) of Chapter 2 ,
Administration, Division 3: Retirement System, is hereby
amended to read as follows :
Sec. 2-290 Investment of retirement system assets.
(2) The board of trustees shall not invest more
than five (5) percent 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
(5) percent of the outstanding capital stock of the company;
nor shall the aggregate of its investments under this
paragraph exceed forty (40) percent of the fund' s assets.
SECTION 2: This Ordinance shall take effect
immediately upon its final passage and adoption.
PASSED by the City Commission on first reading
this 22nd day of July, 1991 .
PASSED by the City Commission on second and final
reading this 12th day of August, 1991.
Attest: 1 )1
ih._
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KING WILL AM I. GULLIFO 'D'IR.
City Clerk Mayor/Presiding 0 fi.-r
Approv-• as to form and correctness:
I AN C. JENSE' ESQ.
ity Attorne`