7292-04
ORDINANCE NO. 7292-04
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE CITY OF CLEARWATER FIREFIGHTERS'
SUPPLEMENTAL TRUST FUND; AMENDING THE BOARD OF
TRUSTEES' POWERS AND DUTIES IN SECTION 2.444(b)3., CODE OF
ORDINANCES, TO CHANGE THE RATING OF THE DEBT SECURITIES
INTO WHICH THE FUND CAN BE INVESTED OR REINVESTED; AND
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CLEARWATER, FLORIDA:
Section 1. Section 2.444, subsection (b)(3), Clearwater Code of Ordinances, is
hereby amended to read as follows:
Sec. 2.444. Same--Powers and duties.
The duties and responsibilities of the board of trustees created pursuant to this
subdivision shall include, but not necessarily be limited to the following:
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(b) Invest and reinvest the assets of the fund in:
3. Stocks, commingled funds administered by national or state banks,
mutual funds and bonds or other evidences of indebtedness. All
individually held equity and debt securities and all equity and debt
securities in a commingled or mutual fund must be 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, and each equity and debt security must
be traded on a nationally recognized exchange. All debt securities
shall hold a rating of "BBB" or hiqher classification as rated by a
maior rating service in one of tho throo highost classificationc by a
major rating Gorvico, and if such investments are made in a pooled
fund administered by a state or national bank or mutual fund, then
the rating of each issue in the pooled fund shall hold a rating of
"BBB" or hiqher classification as rated by a maior ratinqservice
'A'ithin tho top throo rating OIDGsifications of a major rating sorvico.
No foreign investments shall be permitted whether owned
individually or in a commingled or mutual fund, except to the extent
permitted by Florida Statutes Chapter 175, as amended from time
to time.
Section 2. This ordinance shall take effect immediately upon adoption.
Ordinance No. 7292-04
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Robert J Surette
Assistant City Attorney
May 6, 2004
- --
May 20, 2004
4l tiIk! I."
Sfi'an J. ~ungst
Mayor
Attest:
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M Cy I E. Goudeau . '1
7X. City Clerk
2
Ordinance No. 7292-04