HomeMy WebLinkAboutOrdinance_24-14_12/11/2014 ORDINANCE NO. 24-14
AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF
TEQUESTA, FLORIDA, 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; PROVIDING THAT EACH AND EVERY OTHER
SECTION AND SUBSECTION OF CHAPTER 2. ADMINISTRATION.
SHALL 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 Board of Trustees of the General Employees' Pension Plan desired to
expand the permissible investments 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.
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF THE
VILLAGE OF TEQUESTA, 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 amending Exhibit A (General Employees' Pension Trust Fund) to
provide, for expansion of the permissible investments in real estate to open -ended real estate
limited partnerships 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:]
EDIT "A"
VILLAGE OF TEQUESTA
GENERAL EMPLOYEES' PENSION TRUST FUND
Section 5. Finance And Fund Management.
Establishment and Operation of Fund.
Page 1 of 2
6. The Board of Trustees shall have the following investment powers and authority:
M. A Board shall not invest more than ten percent (10 %) at cost of its assets
in real property or real estate and there shall be no real estate investment in
a closed -ended limited partnership or a closed -ended trust. In addition,
any investments in real estate in open ended limited partnerships or
open ended trusts are limited to those open ended core real estate
products which meet the criteria for the NCREIF ODCE.
Section 2: Each and every other Section and Subsection of Chapter 2.
Administration. shall 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 shall 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
ORDINANCE
24 -14
Upon Second Readin
MOTION SECOND
Council Member D'Ambra Vice -Mayor Arena
VOTE
FOR ADOPTION AGAINST ADOPTION
Mayor Abby Brennan x
Vice -Mayor Vince Arena x
Council Member Steve Okun x
Council Member Tom Paterno x
Council Member Frank D'Ambra x
The Mayor thereupon declared the Ordinance duly passed and adopted this Dec 11, 2014
MAYOR OF TEQUESTA
Abigail ennan
ATTEST:
Lori McWilliams • GO 09''.'G=
Village Clerk
INC
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