6208-97ORDINANCE NO. 6208-97
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, AMENDING CHAPTER 2,
ADMINISTRATION, DIVISION 5, POLICE OFFICERS
PENSION PLAN, SUBDIVISION 11,
SUPPLEMENTARY PENSION AND RETIREMENT
PLAN, OF THE CODE OF ORDINANCES OF THE
CITY OF CLEARWATER; AMENDING SECTION
2.474, POWER AND AUTHORITY, TO REVISE
INVESTMENT AUTHORITY; PROVIDING FOR
CODIFICATION; REPEALING ALL ORDINANCES IN
CONFLICT HEREWITH AND PROVIDING AN
EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COMMISSION OF
THE. CITY OF CLEARWATER, FLORIDA:
Section 1. Chapter 2, Administration, Division 5, Police Officers Pension
Plan, Subdivision 11, Supplementary Pension and Retirement Plan, of the Code of
Ordinances of the City of Clearwater, is hereby amended by amending Section
2.474, subsection (1)(c), to read as follows:
(1) The board of trustees shall have power and authority to invest and
reinvest the assets of the pension fund in:
(c) GemmeR eskis, pFe€e re ' ens?e-e#
F aFganized tefritepy-e€
te-Wnla f9Vided
t . The
-
ar, may be ameRded f0em time to m;-aRd
Stocks, commingled funds administered by national or. state banks,
mutual funds and bonds or other evidences of indebtedness. All
individual) held a ui and debt securities and all a ui and debt
securities in a commingled or _ mutual fund must be issued or
guaranteed by .a co oration organized under the laws of the United
States, any state or organized territory of the United States or District
of Columbia and each equity and debt securi must be traded on a
nationally recognized exchange_ _(including NASDAQ). All debt
Ordinance 6208-97
made in a pooled fund administered b a state or national bank or
mutual fund, then the rating of each issue in the pooled fund_ shall
hold a rating within the to three 3 rating classifications of a mg or
ratin service. No foreign investments shall be permitted whether
owned individually or in a commingled or mutual fund, except to the
extent permitted b Chapter 185, Florida Statutes as amended from
time to time.
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
outstanding capital stock of that company; nor shall the
aggregate of its investments in common or capital stock or
convertible securities at cost exceed sixty-five (65) percent of
the fund's assets.
Section 2. Specific authority is hereby granted to codify and incorporate
this Ordinance in the existing Code of Ordinances of the City of Clearwater.
Section 3. All Ordinances or parts of Ordinances in conflict herewith be
and the same are hereby repealed.
Section 4. This ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Approved as to form:
Pamela K. Akin, City Attorney
November 6, 1997
November 20, 1997
ssioner
Rita Garvey, Mayor-Co
rr&
Attest:
Cyn is E. Goudeau, City Clerk
Ordinance 6208-97