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HomeMy WebLinkAboutDocumentation_Regular_Tab 15_11/13/2014 VILLAGE CLERK'S OFFICE AGENDA ITEM TRANSMITTAL FORM Meeting Date: Meeting Type: Regular Ordinance #: 25-14 11/13/14 Consent Agenda: C::-ic�:;,: �.;r: ;,�,; �; Resolution #: Originating Department: Pension Attorney � �� .. . . - : -. . -.. ORDINANCE 25-14, FIRST READING, AME����� i�!� `v`;�LAGE CODE OF ORDINANCE� AT CHAPTER 2. ADMINISTRATION. ARTICLE III. OFFICERS, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE PUBLIC SAFETY OFFICERS' PENSION PLAN TO AMEND THE FINANCE AND FUND MANAGEMENT PROVISION REGARDING INVESTMENTS IN REAL ESTATE � . , .. Account #: Amount of this item: Current Budgeted Amount Available: Amount Remaining after item: Budget Transfer Required: ChoGSe �r�, Appropriate Fund Balance: ��oose an item. ' ' • ' •' � • � .�• . -� • . Department Head Finance Director or Representative Reviewed for Financial Sufficiency � � %, ,����. No Financial Impact ❑ � t Attorney: (for legal sufficiency) Village Manager: Submit for Council Discussion: � � � ��� Approve Item: ❑ Deny Item: � • � • •' • • - .• - - • -• •- - • •- - •- • •• - • • -• _ • • . - • - - - • - Form Amended: 3/14/14 ORDINANCE NO. 25-14 AN ORDINANCE OF THE VII�LAGE COUNCIL OF THE VILLAGE OF TEQUESTA, FLORIDA, AMENDING TAE VII.LAGE CODE OF ORDINANCES AT CAAPTER 2. ADNIIIVISTRATION. ARTICLE III. OFFICER5, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE PUBLIC SATETY OFFICERS' PENSION PLAN TO AMEND THE FINANCE AND FUND MANAGEMENT PROVISION REGARDING INVESTMENTS IN REAL ESTATE; PROVIDING THAT EACH AND EVERY OTHER SECTION AND SUBSECTION OF CHAPTER 2. ADNIINISTRATION. SAALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOUSLY ADOPTED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, the Boazd of Tn►stees of the Public Safety Officers' Pension Plan desired. to expand the permissible investments in the Plan; and WI�REAS, the Village Council of the Village of Tequesta desires to amend the Public Safety Employee Pension Plan to reflect the provision of these benefits. NOW, THEREFORE, BE IT ORDAINED BY THE VII.LAGE COUNCII, OF TI� VILLAGE OF TEQLTESTA, FLORIDA, THAT: Section 1: Chapter 2. Administration. of the Code of Ordinances of the Village of Tequesta. is hereby amended at Article III. Officers, Employees and Departments, Section 2-61. Pension Trust Funds. by amendi.ng Exhibit B(Public Safety Officers' Pension Trust Fund) to provide, for expansion of the permissible inveshnents in real estate to open-ended real estate limited partnerships and trusts and to mainta,in the restriction from investments in real estate in closed end limited partnersbips and trusts; providing that Exhibit B(Public Safety Officers' Pension Trust Fund) of Sec. 2-61. shall hereafter read as follows: [Exhibit B is amended as follows:] EXHIBIT "B" VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Section 5. Finance And Fund Managemen� Establishment and Opera.tion of Fund. 7. The Board of Trustees shall have the following investment powers axid authority: Page 1 of 2 M. A Board shall not invest more than ten percent (10%) at cost of its assets in real property or real estaxe and there shall be no real estate investment in a closed-ended limited partnership or a closed-ended trust. Section 2: Each and every other Section and Subsection of Cha.pter 2. Administration. sha11 remain in full force and effect as previously adopted. Section 3: All ordinances or parts of ordinances 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 immediately upon passage. Page 2 of 2 Additional Backup Provided 11 /12/14 � Gabr[e[Rcseder 5mith Lk Cumpany �ae F�xt Brrnvard B1vcL 95�52'F.151b pttane Consult�nts&Accuari�. Suitc SOS 454.525.008_3 faR T't.La�derciale,FL 33�i01-1 HQ� �vww.gabrielrc3eder.com Novembee 3,2014 Ms. Diacie MarEinez Resource Centers, L�.� 4360 Northlake Blvd., Suite 206 Palm Aeach Garde�,FL 33410 Re: Vilinge of T�uesta P�tblic Safety U�icers Pension Tx�a�t Fnnd Dear Dixie: � We have revi�wed th�proposed ordinance for the Village of Tequesta Public Safet3+Offic�r� Pension Trust�uad wi�ich would amend the Plan by aciding pravisions relating t�reemployment, elecbon,or ap�intment to the Village Council after retirement. In our opuuon,these chan�es will not have an actuarial impact on the cost of�e Pe�ion Fuad for prefunding p�rposes. Therefore,it is our opinion that a formal Acivarial Imp�ct Statement is aot required. However,vve recommend that you send a copy of this letter and th��mendment to t�e Buresu of Loca1 Retirement Systems. � The undersign�:ach�axy is a member of the American Academy of Actuazie.s and m�ts t�te Quaiification Sta�nd�rds of the Americaa�Academy of Actuaries ta render#i�e actuariai c�pinions contained herein 'T�:e undersi,gt►�i a�tuazy is inde�ndent of the pian sponsor. We welcome your qu�stions and comments. R ctfvlly submitteed, � e �lmrose,EA,1I�IAAA � Senior Coasultant&Actvaty Circulaz 230 Notice: Pursuant to regulations issued by the IRS,to the e�nt this communication (or any attacbment)coacerns tax matters, it is not urtended or written to 6e used,and cannot b� . us�d,for t�e purpa�of(i)avoiding tax-related penalties under the Laternal Revenue Cade or(ii} marketing or recommending to another party any tax-related matter addressed vrritliin. Each t�payer should seek advice based on the individual's circwnstances from an independent tax advisor. The almve communication shall not be conslrued to provide tax advic.�,legal a+d�ice c�r im�estment advice.