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HomeMy WebLinkAboutDocumentation_Regular_Tab 09A_10/08/1998~- A ORDINANCE NO. AN ORDINANCE OF THE VILLAGE COUNCIL OF THE VILLAGE OF TEQUESTA, PALM BEACH COUNTY, FLORIDA, AMENDING CHAPTER 2, ARTICLE III, RETIIZEMENT, 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of the Village of Tequesta, Florida, or parts thereof which conflict with this or any part of this Ordinance are hereby repealed.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 who moved its adoption. The Ordinance was seconded by Councilmember and upon being put to a vote, the vote was as follows: FOR ADOPTION AGAINST ADOPTION The Mayor thereupon declared the Ordinance duly passed and adopted this day of , 1998. MAYOR OF TEQUESTA Elizabeth A. Schauer ATTEST: Village Clerk 2 VILLAGE OF TEQUESTA EMPLOYEE'S 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 moneymarket deposit accounts of anational 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 dle 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 organised under the laws of the United States or the Districtof Columbia, provided that: a. Equities or fixed income. securities are limited to those traded on a recognized national exchange or NASDAQ..: b. The security meets the. following rating criteria: ~ Fixed Income: Standard & Poor's AAA, AA, A or Moody`s Aaa, Aa, A. (25%0 ofthe. bonds at time of purchase may be rated Baa investment grade). ii) Cash Reserves: Shortterm investments due' less than ~1~ year where~~ overall :quality and minimal. risk guidelines apply. Investments which maybe used. are: money market funds of custodians, Certificates of Deposit, U.S. 'Government Obligations and Commerciale Paper rated A- l (Standard & Poor's) or P-1 (Moody's). iii} If any of the parameters deseribedabove are~violated as a result of market movements, credit dovv~igradesorother eventsnot 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. i) At_the time of purchase, note 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 issueexeeed levels at any time during holding period. e.. Limitations 1. Investments in corporate coirunon stock, .convertible .preferred stock- az~d convertible bonds shallnotexceed sixty percent(60%) of the Fundassets at time of purchase: e, private placements bited. joNEs FOSTER JOHNSTON & STUBBS, P.A. Attorneys and Counselors John C. Randolph, Esq. Direct Dial: (561) 650-0458 E-mail: jandolph@jones-foster.com September 3, 1998 Mr. Thomas G. Bradford Village Manager Village of Tequesta Post Office Box 3273 Tequesta, Florida 33469-0273 RE: Village of Tequesta Employees' Pension Trust Fund Our File No. 13153.46 Dear Torn: Flagler Center Tower, Suite 1 100 505 South Flagler Drive West Palm Beach, Florida 3340] Telephone (561) 659-3000 VIA FAX: 575-6203 Mailing Address Post Office Box 3475 West Palm Beach, Florida 33402-3475 Facsimile (56]) 832-1454 ViII~;~ ~f T'~equest~i Village Manager's Offi~°~ I have proposed a draft amendment to the trust provisions relating to the Tequesta Employees' Pension Trust Fund in the manner and form attached. I would request that this item not be considered at the next meeting of the Village Council, as I still need to get input from Peter Van Beuren and assure myself that these amendments are in accordance with state law. Sincerely, JONES, FOSTER, JOHNSTON & STUBBS, P.A. John C. Randolph JCR1ssm Enclosure Joys FOSTER JOHNSTON & STUBBS, P.A. Attorneys and Counselors John C. Randolph, Esq. Direct Dial: (561) 650-0458 E-mail: jandolph@jones-foster.com September 3, 1998 Peter V. Van Beuren Loomis Sayles & Company 4400 PGA Boulevard, Suite 600 Palm Beach Gardens, Florida 33410 RE: Village of Tequesta Employees' Pension Trust Fund Our File No. 13153.46 Dear Peter: Flagler Center Tower, Suite l 100 505 South Flagler Drive West Palm Beach. Florida 33401 Telephone (561) 659-3000 Mctiliag Address Post Oftice Box 3475 West Palm Beach, Florida 33402-3475 Facsimile (561) 832-1454 ~Iiila~e I<~anager's OfficE Pursuant to the request of the Board of Trustees of Tequesta's Employees' Pension Trust Fund, at its meeting of January 28, 1998, I have amended the trust provisions in the manner and form attached. I have attached a copy of the minutes relating to this matter, along with your investment guidelines for your information. Once you have had an opportunity to review these, would you please contact me and advise whether or not your feel these have been correctly incorporated within the terms of the provisions. I still have to make a determination as to whether or not these investment guidelines meet the provisions of Chapter 175 and 185, Florida Statutes. I would appreciate your comments in that regard also. I look forward to discussing this with you. Sincerely, JONES, FOSTER, JOHNSTON & STUBBS, P.A. John C. Randolph JCR/ssm Enclosures cc: Thomas G. Bradford, Village Manager