Ordinance 1985-012 Fire & Police Employee Pension Fund DirectivesORDINANCE N0. 12-85
AN ORDINANCE OF THE VILLAGE OF NORTH PALM BEACH, FLORIDA,
AMENDING CHAPTER 2 OF THE VILLAGE OF NORTH PALM BEACH
CODE BY AUTHORIZING THE VILLAGE TREASURER UNDER THE FIRE
AND POLICE EMPLOYEE PENSION FUND, TO UTILIZE AGENTS TO
PERFORM ITS DUTIES AND RESPONSIBILITIES UNDER THE FIRE AND
POLICE EMPLOYEES PENSION FUND; AND FURTHER DIRECTING THAT
' FUNDS OF THE FIRE AND POLICE RETIREMENT FUND SHALL BE
DEPOSITED WITH THE VILLAGE TREASURER.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM BEACH, FLORIDA:
Section 1. That Section 2-166(a) of the Village of North Palm Beach
Code is hereby amended by adding thereto an additional clause, which said clause
shall read as follows:
"(a). Section 2-166. 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 Retire-
ment Board through duly authorized agents, provided that
the Village Treasurer shall at all times maintain contin-
uous supervision over the acts of any such agent(s); pro-
vided further, that legal title to said funds shall remain
at all time in the name of the Village."
' Section 2. That Section 2-166(b) of the Village of North Palm Beach
Code is hereby amended by adding thereto a new clause (b), which said clause
shall read as follows:
"(b) The Village, or its designated funding agent, shall be
the custodian of all securities, and the incretion thereof
shall become a part of the Fire and Police Retirement Fund.
All funds of the Fire and Police Retirement Fund shall be
deposited with the Village Treasurer, who shall keep them in
a separate fund, and shall be liable for the safekeeping of
the same under the bond given to the Village and shall be
liable in the same manner and to the same extent as it is
liable for the safekeeping of the funds of the Village as
provided for by the law. All funds now held by the Village
for this retirement system are hereby transferred to the fund
established by this division."
Section 3. 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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