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ORDINANCE NO. 4041-85 AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA, TO ^?t;
{:, ?! t
REPEAL ARTICLE V, POLICE PENSION, OF CHAPTER 26,
EMPLOYEE BENEFITS, OF TITLE U, ADMINISTRATION, ON CODE
OF ORDINANCES, CITY OF CLEARWATER, AND ENACT NEW =h°°
ARTICLE V, POLICE PENSION, TO PROVIDE FOR MUNICIPAL POLICE OFFICERS' PENSION PLAN IN ACCORDANCE WITH
CHAPTER 185, FLORIDA STATUTES; PROVIDING FOR THE
MODIFICATION OF A POLICE OFFICERS PENSION FUND]
PROVIDING THAT ALL MONEYS RECEIVED BY THE CITY OF fl'.> s41 'G
r CLEARWATER UNDER THE PROVISIONS OF CHAPTER 185, ;
FLORIDA STATUTES, BE PAID INTO SAID FUND; CREA'T'ING A
BOARD OF TRUSTEES FOR THE ADMINISTRATION OF SAID
}1, h
FUND; PROVIDING FOR MEANS OF CREDITING ACCUMULATED ,>A;
L'°Er"•
FUNDS TO THE ACCOUNTS OF INDIVIDUAL POLICE OFFICERS;
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PROVIDING FOR DISBURSEMENTS AND PAYMENT OF BENEFITS
' FROM SAID FUND; PROVIDING FOR REPEAL OF ORDINANCES rte;=>,;},?••?•
OR PARTS OF ORDINANCES IN CONFLICT HEREWITH;
PROVIDING FOR THE SEPARABILITY OF THE PROVISIONS
HEREOF; PROVIDING FOR PROPER NOTICE OF PROPOSED
ENACTMENT; AND PROVIDING FOR THE EFFECTIVE DATE OF
THIS ORDINANCE. WHEREAS, the City Commission of the City of Clearwater has adopted
' .- Section 26.65 providing for the levy of iqb tax on premiums for casualty insurance as
permitted by Chapter 185, Florida Statutes, which ordinance is currently In effect; and
WHEREAS, the City Commission of the City of Clearwater is desirous of
ri
modifying certain
pension benefits for police officers under the Municipal Police
Officers Pension Trust Fund as provided for in Chapter 185, Florida Statutes;
,.lr
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION ,
OF THE CITY OF CLEARWATER, FLORIDA:
}.4e it ?f L? ,
Section 1. The purpose of this ordinance is to Implement the provisions of '
Chapter 185, Florida Statutes, and to provide means whereby all sworn full-time pollee officers of the City of Clearwater, Florida, may receive benefits from the funds V
?t.
provided for that purpose by Chapter 185, Florida Statutes. This ordinance shall be ?r
deemed to supplement any other pension plan of the City of Clearwater insofar as W : 3
benefits of police officers are concerned; and nothing herein shall be construed In any
way to affect the operation of benefits of any other pension plan of the City of Clearwater.
Section 2. Article V, Police Pension, of Chapter 26, Employee Benefits, of & r ?1
Title 14 Administration, of the Code of Ordinances, City of Clearwater is hereby
repealed in Its entirety and the following new Article V, Police Pension, is hereby, t ?',,''-t????•
enacted to read as follows:
FOR AFFIDAVIT SHE:
' Ord 4041-85 - ???t? ????
9/5/85
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ARTICLE V. POLICE PENSION
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Division 1. In General
Sec. 26.05. Excise tax on casualty Insurers.
(a) In addition to any other lawful license or excise tax now
levied by the city, an excise or license tax is assessed and imposed on
every insurance company, corporation or other insurer now engaged
in or carrying on, or who shall hereafter engage in or carry on, the
business of casualty insuring as shown by the records of the state
treasurer in his capacity of state Insurance commissioner, in the
amount of one (1) per cant of the gross amount of receipts of
premiums from policyholders on all premiums collected on casualty
insurance policies covering property within the corporate limits of
the city.
(b) The excise or license tax herein provided for shall be
payable and collected in the manner provided for by F.S. Ch'. 185.
(c) All moneys received by the city under the provisions of this
section shall be paid immediately Into its pension fund; provided,
however, such moneys received hereunder shall be kept separate and
apart from the other moneys of the pension fund, and the moneys
received hereunder shall be used solely for the payment of amounts
to become due policemen and their dependents and to no other person
under the provisions of law governing pensions within the city.
See. 26.70. Definitions.
The following words and phrases as used in this division shall
have the following meanings, unless a different meaning is plainly
required by the context:
"Board" shall mean the Board of Trustees of the Clearwater
Police Officers' Pension Trust Fund as provided for herein.
"City" shall mean the City of Clearwater, Florida.
"Police Officer" shall mean all sworn members of the Police
Department who are regularly employed by the City of Clearwater
and shall be deemed Police Officers for.the purpose of this ordinance.
The words "Police Officer" shall specifically exclude "Police Recruit"
and any other employee of the Police Department not employed full-
time as a sworn law enforcement officer, or who Is not a member of
a pension plan authorized in accordance with F.S. Ch. 185.
"Pension Trust Fund" shall mean the Clearwater Police
,Officers' Fund as provide for herein.
"Participant" shall mean every police officer of the City of
Clearwater eligible to have moneys credited to his or her share
account and to receive benef Its therefrom under this ordinance,
15er,61ce" shall mean all time served as a regularly appointed or
employed police officer of the City of Clearwater for which regular
,`•i compensation is paid by the City of Clearwater and all time during
which a participant is on military leave in active military service and
subject to the application of P.S. 115 (1983). It shall include all
leaves of absence with pay, but shall not Include leaves of absence
during which no regular compensation is paid by the City of
Clearwater, except military service leave as herein provided.
"Fiscal Year" shall mean that period from September 17th to
the following September 16th, both dates inclusive.
'Tlet Credit" shall mean the amount standing to the credit of a
participant's share account as at the end of the preceding fiscal year.
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Sea. 26.71. Entitlement; Allocation.
(a) Each participant shall be entitled to one share in the fund
a for each full year of service as a police officer of the city rendered :.,
before and/or after the passage of this ordinance as of September 17.
?.•
Promptly after passage of this ordinance the number of full years of
service rendered by each participant shall be determined and a record 1, ,f
thereof shall be made on the participant's service record and the = y?'`
participant shall thereupon have as many shares as full years r, , w
rendered and thereafter each full fiscal year of service as defined In ',. -z`.
ff'.
section 26.70 hereof shall add one more share to ,the credit of each
participant.
i (b) The total moneys received, including interest earned, any
gifts and the credits forfeited by the participants, all of which
constitute income to the fund during each fiscal year, shall be
allocated and the value of the respective participant's shares shall be j
determined as follows:
(1) The board shall pay all costs and expenses of management L• _ s$
and operation for the fiscal year last ended.
(2) The board shall set aside as much of the Income as it F`
considers advisable as n reserve for expenses for the then
current fiscal year.
i?
(3) After deducting the moneys called for in paragraphs (1),-°
and (2), the remaining moneys shall be allocated and
credited to the share accounts of the respective
participants.
i
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The number of shares to which each and every participant Is
entitled as at the close of each fiscal year shall be added together and ,
the total number of shares thus determined shall be divided into the
net amount of money available to be allocated and credited to the ' V
respective share accounts. The amount to be credited to the account
of each participant will then be obtained by multiplying the value
determined for one (1) share by the total number of shares to which
each participant is entitled.
,+?4
As soon as the moneys are received, the value of each '
participant's share shall be calculated and credited to his share
account; Such calculation shall be made and credits allocated to his
share account one only In each fiscal year; and prorations shall not be r
made for a part of the year.
Sec. 26.72. Board of trustees - created, ?
• There is hereby created a Board of Trustees of the
Supplementary Police Officers' Retirement Fund. The Board of _
Trustees shall consist of the Mayer-Commissioner and the Chief of Police of the City, two (2) regularly employed police officers of the
City to be
appointed by the City Commission upon the ;;? ?;?„•x#
recommendation of a majority of the regularly employed police
officers of the City, and one resident of the City, to be appointed by
a majority of the trustees. The Mayor-Commissioner and Chief of
Police, respectively, and upon a vacancy in the offices of Mayor-s
Commissioner or Chief of Police, their respective successors shall
succeed to the positions of trustees. Each police officer member of
the Board of Trustees shall serve for a period of two (2) years, unless'.
he sooner leaves the employment of the City as a police officer, "K
whereupon the legislative body of the City, upon a recommendation
of a majority of the participant lice officers there shall choose his > }?`
successor. The resident members shall serve for a period of two (2)
years. The two (2) police officers and the resident members may
-3
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succeed themselves In office and ahall continue to serve until the
successors are duly appointed and qualified. The Mayor-
Commissioner shall be the Chairman of the Board of Trustees. The
board members shall elect any one (1) of Its members an secretary of
f; the board. The secretary shall keep n complete minute book of the
proceedings of the board. The trustees shall not receive any
compensation as such.
Sec. 28.73. Power and authority of Board of Trustees.
.i
4 The Hoard of Trustees shall have power and authority as
follows:
# To invest and reinvest the assets of the pension fund In:
.(1) Time or savings accounts of a national bank, a state bank
insured by the Federal Deposit Insurance Corporation, or
a'savings, building and loan association insured by the
Federal Savings and Loan Insurance Corporation;
(2) Obligations of the United States Treasury and agencies
allied with or related to the United States Treasury;
. I
(3) County bonds containing a pledge of the full faith and
credit of the county involved, bonds of the State
Development Commission, or of any other state agency,
which have been approved as to legal and fiscal
sufficiency by the State Board of Adminstration;
(4) Obligations of any municipal authority Issued pursuant to
the laws of this state; provided, however, that for each of
the five (5) years next preceding the date of investment
the income of such authority available for fixed charges
shall have been not less than one and one-half (1-1/2)
times its average annual fixed charge requirements over
the life of its obligations;
(5) Common stocks, preferred stocks and bonds and other
evidence of indebtedness issued or guaranteed by a
corporation organized under the laws of the United
' States, any state, or organized territory of the United
I States or the District of Columbia or any corporation
international In charter engaged in International business
and trade, provided:
I a. The corporation is listed on any one or more of the
recognized national stock exchanges;
b. All corporate bonds shall carry at least an AA rating
1 as established either by Standard & Poor's or
i Moody's;
C. The Board of Trustees shall not invest more than
three (3) per cent of its assets In the common stock
. or capital stock of any one Issuing company nor shall
the aggregate investment on any one Issuing
company exceed one (1) per cent of the outstanding
capital stock of that company; nor shall the
aggregate of Its investments under this subsection
at cost exceed fifty (50) per cent of the fund's
assets.
The trustees of this pension plan and all other persons
' occupying a fiduciary position under this article In the administration
of this article and in investing and reinvesting assets of the pension
` . fund shall utilize and be governed by the prudent man rule. The
-4
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trustee3 in the performance of their duties are authorized to seek,
obtain and engage independent professional counsel and/or
secretarial/clerical services and advice and to pay reasonable charges
for the service.
See. 26.74. Death/disability benefits.
If a participant shall dle while employed by the City of
Clearwater, his beneficiary or estate shall be entitled to the
accumulations standing to the credit of the deceased participant,
irrespective of the age or years of credited service of the
participant.
Upon satisfactory proof to the Hoard of Trustees of total and
permanent job-related disability which renders the affected
participating member unable to perform the duties and functions of a
police officer, a participant will be entitled to receive his
outstanding shares on the date of retirement.
See. 26.75. Separation benefits.
(a) If a participant shall separate from service for any reason
whatsoever after ten (10) or more years under the plan, he shall be
paid the entire amount to his net credit as of the last preceding fiscal
year, reduced by three (3) per cent per year for each year that the
employee is short of his normal retirement date. For the purposes of
this plan, normal retirement shall mean twenty (20) years from date
of hire as a police officer.
(b) Settlement as provided in subsection (a) of this section shall
be In full acquittal of all claims of a participant against the fund, and
he shall thereupon cease to be•a participant.
Sec. 26.76. Rights and benefits not subject to legal process.
The rights and benefits provided for herein are vested rights of
participants In the fund, and shall not be subject to attachment,
garnishment, execution or any other legal process.
See. 26.77. Responsibillty of the City.
The City of Clearwater shall have no responsibility for the
operation of the apeclal fund except as specified herein and shall bear
no expense In the operation of the special fund.
Sec, 26.78. Statement of conflict with F.S. 185.
If any provision of this ordinance or the plan hereby created shall
conflict with the provisions of Chapter 185, Florida Statutes, such
conflict shall be resolved in favor of the statutory provisions which
are intended to control, and the conflicting provision of the ordinance
shall be severed without affecting the purpose of this enactment.
Section 3. Should any part or provision of this ordinance be declared by a
court of competent jurisdiction to be Invalid, the same shall not affect the validity of
the ordinance as a whole, or any part thereof, other than the part declared to be
Invalid.
Section 4. All ordinances or parts of ordinances in conflict herewith are
to the extent of such conflict hereby repealed.
i
-5-
l:
" Section 6. Notice of the proposed enactment of this ordinance has been
properly advertised in a newspaper of general circulation In accordance with Section
166.041f Florida Statutes.
14
, Section 6. The provisions of this ordinance shall take effect Immediately
° upon its passage.
PASSED ON FIRST READING August 15, 1985
PASSED ON SECOND AND FINAL
READING AND ADOPTED September 5, 1985
Attest.
:. City Clerk
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