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ORDINANCE NO. 4285-86
AN ORDINANCE OF THE CITY OF CLEARWATER, FLORIDA,
RELATING TO THE SUPPLEMENTAL FIREFIGHTERS' PENSION
AND RETIREMENT TRUST FUND; AMENDING SECTIONS 26.53
THROUGH 26.55 AND SECTION 26.59, CODE OF ORDINANCES,
PROVIDING FOR DEFINITIONS, BOARD OF TRUSTEES
MEMBERSHIP AND THE METHOD OF APPOINTMENT, AND THE
POWERS AND DUTIES OF THIS BOARD; PROVIDING AN
EFrRCTIVF DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF
CLEARWATER, FLORIDA:
Section 1. Each definition in Section 26.53, Code of OrdinM;7ces, shall be
assigned a subsection number, and the definition of "firemen" as set forth in Section
26.53, Code of Ordinances, is amended to read:
Sec. 26.53. 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:
(3) Firemen or firefighters shell have the meaning set- forth in Section 175.032,
Florida Statutes as the same may be amended from time to time 4nelude all e€fieers
and f=iremen duly appeintee, enrolled; elassified and eert'i€ied to the regular full- me
employment of the el-ty; whose employment eommeneed an or after July -1-, -1968-, and
who eleet to par4*ate In the supplementary pension and retirement plant
Section 2. Sections 26.54 and 26.55, Code of Ordinances, are amended to read:
See. 25.54. Board of trustees - Creation.
There is hereby created a board of trustees of the supplementary firemen's
pension and retirement fund. The board of trustees shall consist of five members.
Two members unless otherwise prohibited b law, shall be legal residents of the city
who shall be appointed by the city commission, and two members shall be firefighters
who shall be elected b a majority of the firefighters who are participants. The fifth
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member shall be chosen by a maiority of the Drevious four members. and such Derson's
name shall be submitted to the city commission. Upon receipt of the -fifth person's
name the city commission shall as a ministerial duty, appoint such person to the
board of trustees as its fifth member. The fifth member shall have the same rights as
each of the other four members. Each resident member shall serve as trustee for a
period of two ears unless sooner replaced b the city_ commission at whose pleasure
he will serve. Each firefi hTer member shall serve as trustee for a period of 2 ears
unless he sooner leaves the employment of the city as a firefiChter,_ whereupon the
cif commission shall chooFs his successor in the same manner as an original
t
Ord. 4285-86
1- '
10/2/86
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appointment. Each member may succeed himself in office. The board of trustees
shall meet at least quarterly each year. Each board of trustees shall be a legal entity
with the power to bring and defend lawsuits of ever kind, nature and. description, in
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addition to the other powers and^duties _contained herein.
The trustees shall by majority vote elect from its members a chairman and a
secretary. The secretary of the board shall keep _a comelete minute book of the
#i actions, proceedings, or hearings of the board. The trustees shall not receive any
compensation as such, but may receive exeenses and per diem as provided by law. the
mayer-eemmissiener and the fire chief of the eil:y; two (0 eegular y employed firemen
?yf
.' of the city (whose employment eemmeneed en or after dttly 1; 1963); to be ehesen by
:,c! the city eemm4ssien upon the reeemmendatien of a majority of the regularly employed
firemen of the eity 4whese employment commeneed en er after July 4-, 1963}; and one
S R.,
resident of the city to be appointed by the eity eemm4ss4en; upen the recommendation
of the ether four 44? members of the beard of trustees. The mayor-eemmisslener and
• the fine ehlef shall serve as long as they continue to held office as mayer
•4
eemm4ssioner and fire eh4ef, respeetivel-y and upen a vaeaney in the effieer of mayor-
eemmissiener or fire ehief; their respeetive sueeessers small sueeeed to the pes#tien of
trustees: Eaeh fireman member of the beard of trustees shall serve for a peried of
twe 0) years, unless he sooner leaves the employment of the eity as a fireman,
whereupon the eity eemm4ssien, upon a reeemmendation of a m*rAy of the regularly
a employed firemen thereof 4whese employment eemmeneed an or after July -1 1966}
shall. eheese his sueeesser: The resident member shall serve for a peried of two (9}
years. The two ? firemen and the resident member may sueeeed themselves 4fl ef€iee
and shat} eentinue to serve until their sueeessers are duly appointed and qualified: The
mayer-eemm4ssioner shall be the ehairman of the beard of trustees. The beard
1 members shall eleet any ene of its members as seeretary of the beard. The seeretary
Mall keep a eemplete minute beak of the preeeedings e€ the beard.- The trustees shall
net reeeive any eempensatien as suer:
Sec. 26.55. Same - Powers and duties.
' The board of trustees may:
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(1) Invest and reinvest the assets of the pension and retirement fund in annuity
and life insurance contracts of insurance companies, or any combination
thereof, in amounts sufficient to provide, in whole or in part, the benefits
1
to which all of the participants in the supplementary
firemen's pension and
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it s?.?)'?f??^'F Ne^.?K Xtl•. A•3.'.•1?"•,t?. ta3:.:?.?a 3s..3`C 'C? C';:1 ..4't.l" '?•?..°.L..?,.4 {'.. R?o?.? S.. °:.oit. !? Y y2,?'S: P.'_.. ?::'s"}?'1a`4!}. ?f?- ?J'"?.'J ? i1.'.::"._f.'R?.?A bi k?
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retirement fund shall be entitled under the provisions herein stated, and
pay the initial and subsequent premiums thoreon;
(2) Invest and reinvest the assets of the supplementary firemen's pension and
retirement fund in:
a. Time or savings accounts of a national bank, a state bank Insured by
the Federal Deposit Insurance Corporation, or a savings and loan
association insured by the Federal Savings and Loan Insurance
Corporation;
b. Obligations of the United States or in obligations guaranteed as to
principal and interest by the United States;
er Eeumty beads eemWning a pledge of the full, faith and credit of the
county or district Invelved; provided that oueh beads are approved by
the state beard of admini<stratiem as to legal, and fiseal sufficiency,
bonds of the state development eemm#ssiem; er any ether state
ageney; whieh have been approved as to legal and fiscal suffieieney
by the state board er administration-,
dr. O ftatlans of any municipal aatherity Issued pursuant le the laws of
this state, provided; however, that f'or each of the five {53 years next
preceding the date of Investment the 4neeme of such autherity
available for fixed charges shall have been met less than one and one-
half {# I#l) times Its average annual fixed charges requirement ever
the We of Its ebligatlems;
e e. Common stocks, preferred stocks and bonds and other evidences of
indebtedness 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, provided:
1. The corporation is listed on any one or more of the recognized
national stock exchanges by a major rating service; and
R: The earperatien has paid cash dividends fer a peried of sever: 4(14
fiscal years next preceding the date of aequisitiem;
3. The eerperatien fulf either of the following standards: Over
the peried of the seven 4`4 fiseal years Immediately preceding
purchase the eorperatlen 'must have earned after federal
•income taxesp an average amount per annum at least equal to
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??r ??rj.:...a;«F ..e!.?::.?s sx,= a .,•?;'':eiY,......??.`x: ¢[.?' .a ?. ., .s. ,. -'a'•.- .?..?i?? ., .... :.. ... s. Y.'?Wd?-f .5 i?.. .?.r??r.;d,..., ;}.,. Ti :,?n?l.?i t?3F5??...?u..i.. ,..t?S•.???sr?. ..,
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two ( times the amount of the yearly interest charged upon its
bends' notes or other evidences of indebtedness of equal or
greater seeurky outstanding at date of purehase; and earned
after federal ineeme taxes; an amount at least equal to two
s times the amount of sueh interest charges in each of the three
48? fiseal years immediately preceding purchase; or the
eorperatien over the period of seven 414 fiseal years
a
immediately preceding purchase must have earned after federal
' income taxes; an average amount per annum at least equal to
six 4&3 per cent of the par value of 'its bends, notes or other
evidenees of indebtedness of equal or greater seeurity
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outstanding at date of purchase; and earned after federal
income taxes; an amount at least equal to elx 4f4 per cent e4 the
par value of such obligation in each of the three 43? €iseal years
4mmediatelj preceding purchase.- No investment shall be made
under this paragraph upon which any interest ebiigafion is in
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default or which has been -in default within the immediately
' preceding five R4 year period;
2 4. The board of trustees shall not invest more than five one per
' nent of its assets in the common stock or capital stock of any
one issuing company, nor shall the aggregate investment in any
"
F one issuing company exceed five one per cent of the
outstanding capital stock of that company; nor shall the
aggregate of its investments under this section at cost exceed
thirty (30) ten 40) percent of the fund's assets.
(3) Issue drafts upon the supplementary firemen's pension and retirement
fund pursuant to the rules and regulations prescribed by the board of
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trustees. All such drafts shall be consecutively numbere
signed by the chairman and the secretary and shall state upon their
face the purpose for which the drafts were drawn. The finance
' director or other depository shall retain such drafts when paid, as
' permanent vouchers for disbursements made, and no money shall
otherwise be drawn from the fund;
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_ _ ,.{..e r. .. 1,?;? ..,a:. A •?'i? , s.?r?'. (r . ?alm ?{. . e, l .?: [.i :-> i• '_le ?.r r.r'.i?i`•4..ki:i'W?r.f'r!ti tifs?'<. ?_ n.r ?Y
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(h) . Any and all acts and decisions shall be by at least throe (3) members
of the board of trustees; howovor, no trustee shall take part In any
action In connection with his own participation in the fund, and no
unfair discrimination shall be shown to any Individual participating In
the fund;
(5) finally decide all claims to relief under the board's rules and
regulations;
(6) Convert into cash any securities of the fund;
(7) Keep a complete record of all receipts and disbursements and of the
board's acts and proceedings;
(S) The trustees in the performance of their duties are authorized to
soek, obtain and engage independent professonal actuarial$
investment and insurance council and advice and to pay reasonable
charges for said services. The sole and exclusive genera+
administration of, and the responsibilities for, the proper operation of
the supplemef,lary firemen's pension and retirement fund are vested
in the board of trustees; provided, that nothing herein shall empower
the board of trustees to amend the provisions of the plan without the
approval of the city commission.
(9) At least once ever three (3) ears the board of trustees shall retain
an Independent consultant professionally ualified to evaluate the
performance of professional money managers. The inde endent
consultant shall make recommendations to the board of trustees
regarding the selection of money managers for the next investment
term. These recommendations shall be considered b the board of
trustees at Its next reptularly scheduled meeting after receipt of the
recommendations b the board. The date time lace and subject of
this meeting shall be advertised in a news s er of general circulation
In the city at least ten (10) days prior to the date of the hearing.
Section 3. Section 26.59, Code of Ordinances, Is amended to read:
Sec. 26.59. Retirement, disability and death benefits.
(a) The board of trustees from the funds available to it under this division shall
establish and adminster a program of benefits for and on behalf of the participants
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hereunder. Such program of benefits may Include retirement, disability, del th
benefits find Insurance benof Its or any combination thereof.
(b) The hoard of trustees shall review the plan periodically with competent
actuarial and Insurance assistance and shall determine if the supplementary firemen's
pension and retirement fund Is'sufficiea. to pay said benefits as provided or greater
benefits and the board of trustees shall modify said plan to provide the maximum
-benefits for the participants in accordance with sound financial practice.
(-4 The right #s reserved by the trustees at any brae to eenferm er modify the
benefits provided by the plen in order that the plan shaR be operated an a sound
aetuark& and financial• basis.
Section 4. This ordinance shall take effect immediately upon adoption.
PASSED OIZ FIRST READING September 18, 1986
PASSED ON SECOND AND 'ber 2, 1986
FINAL READING. AND ADOPTED
AS AMENDED
Attest: .
City Cler
IfUl
Approved as to form
and correctness:
City Attorney
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