8526-13ORDINANCE NO. 8526 -13
AN ORDINANCE OF THE CITY OF CLEARWATER,
FLORIDA, RELATING TO THE CITY OF CLEARWATER
POLICE OFFICERS' SUPPLEMENTARY PENSION TRUST
FUND; AMENDING SECTION 2.474(1), CLEARWATER
CODE OF ORDINANCES, TO PROVIDE THE BOARD OF
TRUSTEES WITH THE AUTHORITY TO INVEST IN DEBT
SECURITIES SO LONG AS THE AVERAGE RATING OF
THE ENTIRE DEPT SECURITIES PORTFOLIO IS "A" OR
HIGHER AS RATED BY A MAJOR RATING SERVICE;
PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF CLEARWATER, FLORIDA:
SECTION 1: Subsection (1) of Section 2.474, Clearwater Code of Ordinances, is
hereby amended to read as follows:
Sec. 2.474. Same - -Power and authority.
(1) The board of trustees shall have power and authority to invest and reinvest
the assets of the pension fund in:
(a) 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;
(b) Obligations of the United States or obligations guaranteed as to
principal and interest by the United States;
(c) Stocks, commingled funds, mutual funds and bonds or other
evidences of indebtedness. All individually held equity and debt securities
and all equity and debt securities in a commingled or mutual fund must be
issued or guaranteed by a corporation organized under the laws of the
United Stated, any state or organized territory of the United States or
District of Columbia, and each equity and debt security must be traded on a
nationally recognized exchange (including NASDAQ). All debt sccuritics
fund, then the rating of each issue in the pooled fund shall hold a rating
The
average rating of the entire debt securities portfolio shall be "A" or higher
as rated by a major rating service. In no event, however, shall more than
twenty -five percent of the assets of the Fund at market value be invested in
foreign securities.
The board of trustees shall not invest more than five percent of its assets in
the common stock or capital stock on any one issuing company, the aggregate
investment on any one issuing company shall not exceed five 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 market exceed 65 percent of the fund's assets.
* **
Ordinance No. 8526 -13
SECTION 2: This Ordinance shall take effect immediately upon adoption.
PASSED ON FIRST READING November 20, 2013
PASSED ON SECOND AND FINAL
READING AND ADOPTED
Approved as to form:
ahl
Robert J( Surette
AssistanCity Attorney
December 5, 2013
George N. Cretekos
Mayor- Commissioner
-2-
Attest:
Ca
Rosemarie Call
City Clerk
Ordinance No. 8526 -13