7466-05
ORDINANCE NO.7 466-05
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA
AMENDING THE CITY OF CLEARWATER EMPLOYEES
PENSION PLAN; AMENDING SECTION 2.399 TO PROVIDE FOR
EXPANDED INVESTMENT AUTHORITY FOR DIVERSIFICATION
OF PLAN ASSETS; PROVIDING FOR SEVERABILITY;
PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City of Clearwater has established the City of Clearwater
Employees Pension Plan; and
WHEREAS, the City has authority to amend the plan as permitted by law;
and
WHEREAS, the City has determined that it is in the best interest of the
participants and taxpayers to expand the investment authority of the Trustees;
now therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
CLEARWATER, FLORIDA
Section 1: Section 2.399 of the Employees Pension Plan is hereby
amended to read as follows:
Sec. 2.399 Establishment and operating pension fund.
(c) Powers and duties of trustees. The trustees may:
***
(2) Invest and reinvest the assets of the pension fund in:
***
(i) NotwithstandinQ any limitations to the contrary contained in this section.
trustees shall have the authority to diversify the fund by investinQ
pension assets to the full extent permitted by Florida law under Sections
112.661.175.071.185.06, and 215.47, Florida Statutes.
(ii) NotwithstandinQ any provision to the contrary. direct investments.
includinQ real estate investments. in businesses or property located
within the City of Clearwater shall be prohibited.
Section 2: If any clause, section or other part or application of this
Ordinance shall be held in any court of competent jurisdiction to be
unconstitutional or invalid, such unconstitutional or invalid part or application shall
Ordinance No. 7466-05
be considered as eliminated and shall not effect the validity of the remaining
portions or applications which shall remain in full force and effect.
Section 3: All ordinances or parts of ordinances, resolutions or parts of
resolutions in conflict herewith are herby repealed to the extent of such conflicts.
Section 4: A special election for the purpose of voting on this proposed
ordinance as set forth shall be conduced on March 14, 2006.
Section 5: The question to appear on the Referendum Ballot shall be as
follows:
Pension Plan Amendments
Shall the City of Clearwater Employees Pension Plan
investments be set by Florida law under Sections 112.661,
175.071, 185.06, and 215.47 Florida Statute, with the
additional restriction that there be no direct investments,
including real estate within the City of Clearwater as
provided in Ordinance 7466-05?
Yes
Plan
For amendment to Employees Pension
No
Against amendment to Employees
Pension Plan
Section 5: This ordinance shall take effect immediately upon adoption.
The amendments to the Employees Pension Plan provided herein shall take
effect only upon approval of a majority of the City electors voting at the
referendum election on these issues and upon the filing with the State.
PASSED ON FIRST READING
July 21, 2005
PASSED ON SECOND AND FINAL
READING AND ADOPTED
August 4, 2005
~,-,e' / ~
~nk v. Hibbard .
Mayor
Attest:
2
Ordinance No. 7466-05