Ordinance No. 58-92-17 v ORDINANCE NO. : 58-92-17
AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY
OF ATLANTIC BEACH, AMENDING CHAPTER 2, ADMINISTRATION,
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 fifty (50) 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 13th day
of January, 1992 .
PASSED by the City Commission on second and final reading this
27th day of January, 1992 .
A TEST 7
M UREEi; KII':G WILLIAM I . GUL IF4,
City Clerk Mayor, Presiding •I . -
Approved as to form and correctness:
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• ' AN C. ' N"S 'N, ESQUIRE
City A o ey