HomeMy WebLinkAboutOrdinance_538_12/10/1998ORDINANCE NO. 538
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA,
AMENDING CHAPTER 2, ARTICLE III, RETIREMENT, OF THE
CODE OF ORDINANCES OF THE VILLAGE AT SECTION 2-30
EMPLOYEES PENSION FUND, BY AMENDING EXHIBIT A,
"EMPLOYEES PENSION TRUST FUND PROVISIONS", IN THE
MANNER AND FORM ATTACHED HERETO; PROVIDING
FOR SEVERABILITY; PROVIDING FOR REPEAL OF
ORDINANCES IN CONFLICT; PROVIDING FOR
CODIFICATION; PROVIDING AN EFFECTIVE DATE.
BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA,
PALM BEACH COUNTY, FLORIDA, AS FOLLOWS:
Section 1. Chapter 2, Article III, Retirement, Division 1, is hereby amended at Section
2-30, by amending the instruments which represent the terms of the Plan and Trust titled "Village
of Tequesta Employees Pension Trust Fund Provisions" Exhibit A in the manner and form attached.
Said revisions are incorporated in the trust fund provisions as if fully set forth herein. All remaining
provisions set forth in the "Village of Tequesta Employees' Pension Trust Fund Provisions" not
• amended hereby shall remain in tact.
Section 2. Severability. If any provision of this Ordinance or the application thereof is
held invalid, such invalidity shall not affect the other provisions or applications of this Ordinance
which can be given effect without the invalid provisions or applications, and to this end, the
provisions of this Ordinance are hereby declared severable.
Section 3. Repeal of Ordinances in Conflict. All other ordinances of the Village of
Tequesta, Florida, or parts thereof which conflict with this or any part of this Ordinance are hereby
repealed.
Section 4. Codification. This Ordinance shall be codified and made a part of the official
Code of Ordinances of the Village of Tequesta.
Section 5. Effective Date. This Ordinance shall take effect immediately upon its passage
and approval, as provided by law.
THE FOREGOING ORDINANCE was offered by Councilmember
Tlackail ,who moved its adoption. The Ordinance was seconded by
Councilmember Cameron and upon being put to a vote, the vote was as
follows:
• FOR ADOPTION
Alexander W. Cameron
Joseph N. Capretta
Carl C. Hansen
Ron T. Mackail
Elizabeth A. Schauer
AGAINST ADOPTION
The Mayor thereupon declared the Ordinance duly passed and adopted this 10th day
of December 1998.
MAYOR OF TEQUESTA
El' a eth A. Schau
• ATTEST: `
~~~
Vi lage Clerk
•
2
Exhibit "A"
i
VILLAGE OF TEQUESTA
EMPLOYEES PENSION TRUST FUND PROVISIONS
Amend Section 4, Finances and Fund Management, paragraphs 6 B and C to read as follows:
B. All moneys paid into or to be held in the Pension Fund shall be invested and
reinvested by the Board and the investment of all or any part of such funds shall be limited to:
(1) Time, savings and money market deposit accounts of a national bank, a state
bank or a savings and loan institution, insured by the Federal Deposit Insurance Corporation,
provided the amount deposited does not exceed the insured amount.
(2) Obligations issued by the United States Government or obligations guaranteed
as to principal and interest by the United States Government or by an agency of the United States
Government.
(3) Stocks, bonds or other evidences of indebtedness issued or guaranteed by a
corporation organized under the laws of the United States or or its territories. `'-~ '~'=~`--=~` ~r
b~ or foreign securities, provided that:
a. Stocks, whether domestic or
• foreign based, are limited to those traded on a recognized national
exchange or NASDAQ.
b. The security meets the following rating criteria:
i) Fixed Income: Standard & Poor's AAA, AA, A or
Moody's Aaa, Aa, A. (25% of the
bonds at time of purchase may be
rated Baa investment grade).
ii) Cash Reserves: Short term investments due less than 1
year where overall quality and
minimal risk guidelines apply.
Investments which may be used are:
money market funds of custodians,
Certificates of Deposit, U.S.
Government Obligations and
Commercial Paper rated A-1
(Standard & Poor's) or P-1 (Moody's).
iii) If any of the parameters described above are violated as a
result of market movements, credit downgrades or other
events not within the control of investment manager,
investment manager shall have a reasonable period of time,
not to exceed six months, to bring the portfolio into
compliance with the foregoing investment guidelines.
c. i) At the time of purchase, not more than five percent (5%) of
the Fund's assets shall be invested in the common stock or
capital stock of any one issuing company, nor shall the
aggregate investment in any one issuing company exceed five
percent (5%) of the outstanding capital stock of the company.
ii) It is not mandatory to adjust to above percentages should
issue exceed levels at any time during holding period.
d. No more than ten percent (10%1 of Fund assets may be invested
in foreign securities.
C. Further Limitations
(1) Investments in corporate common stock, foreign securities, convertible
preferred stock and convertible bonds shall not exceed sixty percent (60%) of the Fund assets at time
of purchase.
~3} 2~ The manager is prohibited from investing in real estate, private placements
or from speculating in fixed income or interest rate futures.
(4~- 3~ Investment in options or future contracts is also prohibited.
N: VCR\ 13153-46\INV3-JBM.RED
September 4, 1998
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