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ORDINANCE NO. 4686-88
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO THE SUPPLEMENTARY
POLICE PENSION AND RETIREMENT TRUST FUND;
AMENDING SECTIONS 26.70, 26.71 AND 26.73, CODE
OF ORDINANCES; AMENDING THE DEFINITION OF
"POLICE OFFICER;" 'PROVIDING FOR FRACTIONAL
SHARES IN THE FUND; AND PROVIDING STANDARDS
FOR THE INVESTMENT OF FUND ASSETS; PROVIDING
AN EFFECTIVE DATE.
WHEREAS, certain definitions and other provisions of the Supplementary Police
Pension and Retirement Trust Fund ordinance require amendment for the purposes of
clarification and compliance with the applicable standards of Chapter 185, Florida
Statutes, as provided herein:
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION
OF THE CITY OF CLEARWATER, FLORIDA:
Section 1. Subsection (g) of Section 26.70, Code of Ordinances, is amended to
read:
Sec. 26.70. Definitions.
The following words and phrases as used in this article shall have the following
meanings, unless a different meaning is plainly required by the context:
(g) Police officer shall mean any person who is elected, appointed, or
1
employed full time by the city and certified or required to be certified as a law
enforcement officer in compliance with section 943.14, Florida Statutes, who is vested
with the authority to bear arms and make arrests, and whose primary responsibility is
the prevention and detection of crime or the enforcement of the penal, criminal,
traffic, or highway laws of the state. The term includes all certified supervisory and
command personnel whose duties include, in whole or in part, the supervision, training,
guidance, and management responsiblities of full-time law enforcement officers, part-
time law enforcement officers, or auxiliary law enforcement officers, but does not
include part-time law enforcement officers or auxiliary law enforcement officers as
defined in section 943.10(5) and (7), Florida Statutes, respectively. The term shall
specifically exclude any person employed in the entry-level position of Police Recruit I
who is not certified or required to be certified as a law enforcement officer upal#ee
reeruW and any other employee of the city not certified or required to be certified as
a law enforcement officer and not employed full-time as a sworn law enforcement
officer.
Section 2. Subsection (a) of Section 26.71, Code of Ordinances, is amended to
read: -
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Sec. 26.71. Entitlement; allocation. w w
(a) Each participant shall be entitled to one share or a fractional share in the j
fund for each full year or a portion of _a year of service as a police officer of the city
ye?
rendered before andf or after the passage of tale ordinance from which this article
derives as of September 17: Promptly after passage of this ordinance frem which this
artiele derives the number of full years of service rendered A fractional share for
service rendered by each participant shall be determined by the number of days of
service in each calendar ear, aassuming a 365-day year. and a record thereof shall be
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made an the participant's service record and the participant shall thereupon have as
many shares as full, years rendered; such years to be determined for this purpose as
being from September seventeenth to September sixteenth of the following yeas, and
thereafter each €tdl, year e€ serviee shalt add one more share to the eredit of each
partieipant:
Section 3. Subsections (2) and (3) of Section 26.73, Code of Ordinances, are
amended to read:
Sec, 26.73. Same-Power and authority.
The board of trustees shall have power and authority as follows:
To invest and reinvest the assets of the pension fund in:
(2) Obligations of the United States Treasury and ageneies allied with er
related to or obli ations guaranteed as to principal and interest b the United States
Treasury;
(3) 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 States or the District of
Columbia, provided:
a. The corporation is listed on any one or more of the recognized national
stock exchanges;
b. The corporation meets AR eorperate bands shall the standards set forth in
Section 185.06(1)(b) Florida Statutes as the same may be amended from time to time
carry at least an AA rating as established either by Standard and Poer's er Meody e;
and
C. 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 on any one issuing company exceed five (5) percent of the
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outstanding capital stock of that company; nor shall the aggregate of its Investments
under this subsection at cost exceed fIfty (50) percent of the fund's assets.
Section 3. This ordinance shall take effect Immediately upon adoption.
PASSED ON FIRST READING September 15, 1988
i
,
PASSED ON SECOND AND FINAL
;
READING AND ADOPTED October 6, 19BB
MAybr-Commissioner
Attest:'
•
C ty lerk
Approved as to form
and correctness:
C ty ttor y
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