HomeMy WebLinkAboutDocumentation_Regular_Tab 14_11/13/2014 VILLAGE CLERK'S OFFICE
AGENDA ITEM TRANSMITTAL FORM
Meeting Date: Meeting Type: Regular Ordinance #: 24-14
11/13/14
Consent Agenda: �'':�,�� ::_ ;� �,, . �^�,�r Resolution #:
Originating Department: Pension Atto�ney
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ORDINANCE 24-14, FIRST READING, AMENDING THE VILLAGE CODE OF ORDINANCES AT CHAPTER
2. ADMINISTRATION. ARTICLE III. OFFICERS, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE
GENERAL EMPLOYEES' PENSION PLAN TO AMEND THE FINANCE AND FUND MANAGEMENT
PROVISION REGARDING INVESTMENTS IN REAL ESTATE
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Account #: Amount of this item:
Current Budgeted Amount Available: Amount Remaining after item:
Budget Transfer Required: �hoose an Appropriate Fund Balance: Choose an item.
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Department Head
Finance Director or Representative / ,
Reviewed for Financial Sufficiency [��
No Financial Impact ❑ i
Attorney: (for legal sufficiency)
Village Manager: �
Submit for Council Discussion: �
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Approve Item: ❑ ���
Deny Item: �
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Form Amended: 3/14/14
ORDINANCE NO. 24-14
AN ORDINANCE OF TAE VII..LAGE COUNCIL OF THE VII.LAGE OF
TEQUESTA, FLORIDA, AMENDING 1'HE VII.LAGE CODE OF
ORDINANCES AT CAAPTER 2. ADNIINISTRATION. ARTICLE III.
OFFICERS, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE
GENERAL EMPLOYEES' PENSION PLAN TO AMEND THE FINANCE
AND FUND MANAGEMENT PROVISION REGARDING INVESTNiENTS
IN REAL ESTATE; PROVIDING THAT EACH AND EVERY OTHER
SECTION AND SUBSECTION OF CHAPTER 2. ADNIINISTRATION.
SHALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOU5LY
ADOPTED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY
CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE
DATE; AND FOR OTHER PURPOSES.
WHEREAS, the Board of Trustees of the General Employees' Pension Plan desired to
expand the permissible investrnents in the Plan; and
WHEREAS, the Village Council of the Village of Tequesta desires to amend the Public
Safety Employee Pension Plan to reflect the provision of these benefits.
NOVV, TI�REFORE, BE IT ORDAINED BY TI� VILLAGE COUNCIL OF TI�
VILLAGE OF TEQUESTA, FLORIDA, THAT:
Section 1: Cha.pter 2. Administration. of the Code of Ordinances of the Village of
Tequesta. is hereby amended at Article III. Officers, Employees and Depariments, Section 2-61.
Pension Trust Funds. by amending Exhibit A(General Employees' Pension Trust Fund) to
provide, for expa.nsion of the permissible inveshnents in real estate to open-ended real esta.te
limited parrtnerships and trusts and to maintain the restriction from investments in real estate in
closed end limited partnerships and trusts; providing that Exhibit A(General Employees'
Pension Trust Fund) of Sec. 2-61. shall hereafter read as follows:
[Exhibit A is amended as follows:]
EXHI�BIT "A"
VILLAGE OF TEQUESTA
GENERAL EMPLOYEES' PENSION TRUST FUND
Section 5. Finance And Fand Managemen�
Establishment and Opera.tioa of Fund.
6. The Board of Trustees sha11 have the following investment powers and authority:
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M. A Board shall not invest more tha.a ten percent (10%) at cost of its assets
in real property or real esta.te and there shall be no real estate investment in
a closed-ended limited parknership or a closed-ended �ust.
Section 2: Each aad every other Section and Subsection of Cha.pter 2.
Administration. sha11 remai.n in full force and effect as previously adopted.
Section 3: All ordinances or parts of ordina.nces in conflict be and the same are
hereby repealed.
Section 4: Should any section or provision of this Ordinance or any portion thereof,
any paragraph, sentence or word be declared by a court of competent jurisdiction to be invalid,
such decision sha11 not affect the validity of the remainder of this Ordinance.
Section 5: Specific authority is hereby granted to codify this Ordinance.
Section 6: This Ordinance shall take effect imrnediately upon passage.
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