Ordinance 1985-011 General Employees Retirement Board DirectivesORDINANCE N0. 11-85
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH,
FLORIDA, AMENDING CHAPTER 2 OF THE VILLAGE CODE
WHICH EMPOWERS THE GENERAL EMPLOYEES RETIREMENT
BOARD WITH AUTHORITY TO DIRECT THE INVESTMENTS
' OF THE ASSETS OF THE GENERAL RETIREMENT FUND;
BY GRANTING THE VILLAGE TREASURER THE AUTHORITY
TO CARRY OUT ITS DUTY THROUGH AUTHORIZED AGENTS
UNDER CERTAIN SPECIFIED LIMITATIONS.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
Section 1. Section 2-153(a) Chapter 2 of the Village Code be, and
the same is hereby amended by adding thereto an additional sentence to read
as follows:
"(Section 2-153. Investing Funds; Custodian of
Securities.)
Each of the foregoing powers and functions reposed
in the Retirement Board may be performed and
carried out by the Village Treasurer, at the
direction of the Retirement Board through duly
authorized agents, provided that the Village
Treasurer shall at all times maintain continuous
supervision over the acts of any such agent(s);
' provided further, that legal title to said funds
shall remain at all time in the name of the
Village."
Section 2. This Ordinance shall take effect immediately upon
passage.
PLACED ON FIRST READING AND READ IN FULL THIS 11TH DAY OF JULY 1985.
PLACED ON SECOND READING AND PASSED ON AN EMERGENCY BASIS THIS 11TH DAY OF
JULY 1985.
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