2007-17 Code Amendment Police & Fire Pension Fund• ORDINANCE 2007-17
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
NORTH PALM BEACH, FLORIDA AMENDING DIVISION 4, "PENSION
AND CERTAIN OTHER BENEFITS FOR FIRE AND POLICE EMPLOYEES,"
OF ARTICLE V, "PENSIONS AND RETIREMENT SYSTEMS," OF
CHAPTER 2, "ADMINISTRATION," OF THE VILLAGE CODE OF
ORDINANCES BY AMENDING SECTION 2-166 TO AUTHORIZE FOREIGN
INVESTMENTS; PROVIDING FOR CODIFICATION; PROVIDING FOR
SEVERABILITY; PROVIDING FOR CONFLICTS; AND PROVIDING FOR
AN EFFECTIVE DATE.
WHEREAS, the North Pahn Beach Police and Fire Pension Fund's ("Fund") investment
consultant has recommended that the Boazd of Trustees expand the permissible investments to
include foreign investments; and
WHEREAS, Chapter 175 and Chapter 185, Florida Statutes, provide a limitation on
foreign investments; and
• WHEREAS, the Boazd of Trustees recommends expanding the permissible investments
of the Fund to include foreign investments up to the limitations contained in Chapter 175 and 185,
Florida Statutes; and
WHEREAS, the Board of Trustees of the Fund has determined that it is in the best
interest of the participants and beneficiaries to amend the plan to further diversify the
investments; and
WHEREAS, the Village Council of the Village of North Palm Beach finds it in the best
interests ofthe public and employees ofthe Village to enact such amendments.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF NORTH PALM
BEACH, FLORIDA as follows:
Section 1. The foregoing `whereas" clauses are hereby ratified as true and are incorporated herein.
Section 2. The Village Council hereby amends Chapter 2, "Administration," Article V,
"Pensions and Retirement Systems," Division 4, "Pensions and Certain Other Benefits for Fire
and Police Employees," ofthe Village Code of Ordinances by amending Section 2-66 to read as
follows (new language is underlined):
•
. Sec. 2-166. Same--Power and authority.
The boazd shall be the administrator of the system and, as such, it shall be
solely responsible for administering the pension fund. The boazd shall have the
power and authority:
(1) To invest and reinvest the assets ofthe 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 Deposit
Insurance Corporation.
b. Obligations of the United States or obligations guaranteed as to
principal and interest by the Government of the United States.
c. Bonds, stocks, or any other evidences 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 ofColumbia, provided:
1. The corporation is listed on any one (1) or more of
• the recognized national stock exchanges and holds a rating in
one of the three (3) highest classifications by a major rating
service; and
2. The boazd shall not invest more than five (5)
percent of its assets in the common stock, capital stock,
bonds or indebtedness of any one (1) issuing company, nor
shall the aggregate investment of in any one (1) issuing
company exceed five (5) percent of the outstanding capital
stock of that company, nor shall the aggregate of its
investments in equities at cost exceed sixty (60) percent of
the pension funds' assets.
d. Notwithstanding any provision of this section to the contrary, the
board is specifically authorized to invest in foreign securities to the
extent authorized by sections 175.0710 and 185.06(1)(61. Florida
Statutes.
Section 3. The provisions of this Ordinance shall become and be made a part of the Code of
the Village ofNorth Palm Beach, Florida.
• Section 4. If any section, paragraph, sentence, clause, phrase or word of this Ordinance is for
any reason held by a court of competent jurisdiction to be unconstitutional, inoperative or void,
such holding shall not affect the remainder of this Ordinance.
• Section 5. All ordinances or parts of ordinances and resolutions or parts of resolutions in
conflict herewith are hereby repealed to the extent of such conflict.
Section 6. This Ordinance shall take effect immediately upon adoption.
PLACED ON FIRST READING THIS 25th DAY OF OCTOBER 2007.
PLACED ON SECOND, FINAL READING AND PASSED THIS 7th DAY OF NOVEMBER 2007.
(Village S~a1) ti%!~// / A2~
MAY
ATTEST:
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VILLAGE CLERK
• APPROVED AS TO FORM AND
LEGAL SUFFICIENCY:
~~
VILLAGE ATTORNEY
•