4268 Police Retirement AmendmentOrdinance No. 4268
An ordinance of the City of Sanford, Florida, amending
Chapter 66, pensions and retirement, Article Il, police
officers' retirement system of the Code of Ordinances of
the City of Sanford; amending Section 66 -34, finances
and fund management; providing for legislative findings
and intent; providing for conflicts; providing for a
savings provision; providing for codification; providing
for severability and providing for an effective date.
Be It Enacted By The People Of The City Of Sanford, Florida:
Section 1. Legislative findings and intent.
(a). The City Commission of the City of Sanford hereby adopts and
incorporates into this Ordinance the City staff report and City Commission agenda
memorandum relating to this Ordinance.
(b). The City of Sanford has complied with all requirements and procedures of
Florida law in processing and advertising this Ordinance.
Section 2. Police Officers' Retirement System. Chapter 66, Article II, Code of
Ordinances of the City of Sanford, is amended to read as follows by amending Section
66 -34, Finances and Fund Management, subsection (6), Investment Powers and
Authority of Board, Subsection (6)(b)5., and adding Subsection (6)(b)6:
5. Stocks, commingled funds admiRisteFed by Ratienal 9F state baRks,
mutual funds and bonds, or evidences of indebtedness, provided
that:
a. All individually held securities and all securities in a
commingled or mutual fund must be issued or guaranteed by
a corporation organized under the laws of the United States,
any state or organized territory of the United States, or the
District of Columbia.
For the purposes of this Ordinance, underlined type shall constitute additions to the
original text, * ** shall constitute ellipses to the original text and etr+l8thFeUg# shall
constitute deletions to the original text.
b. Up to twenty -five percent (25 %) of the assets of the fund at
market value, may be invested in foreign securities.
C. The board shall not invest more than five percent of its
assets in the common stock, capital stock, or convertible
securities of any one issuing company, nor shall the
aggregate investment in any one issuing company exceed
five percent of the outstanding capital stock of that company;
nor shall the aggregate of its investments in common stock,
capital stock and convertible securities at cost exceed 65
percent of the assets of the fund.
6. Real estate investments in an amount not to exceed fifteen percent
(15 %) of the assets of the fund. The Board may invest in real
estate directly or through an investment vehicle approved by the
Board.
Section 3. Savings. The prior actions of the City of Sanford relating to the
administration of the police officers' retirement system and related matter are hereby
ratified and affirmed.
Section 4. Conflicts. All Ordinances or parts of Ordinances in conflict with this
Ordinance are hereby repealed.
Section 5. Severability. If any section, sentence, phrase, word, or portion of
this Ordinance is determined to be invalid, unlawful or unconstitutional, said
determination shall not be held to invalidate or impair the validity, force or effect of any
other section, sentence, phrase, word, or portion of this Ordinance not otherwise
determined to be invalid, unlawful, or unconstitutional.
For the purposes of this Ordinance, underlined type shall constitute additions to the
original text, * ** shall constitute ellipses to the original text and StFikethF9610 shall
constitute deletions to the original text.
Section 6. Codification. Except for Section 2, the provisions of this Ordinance
shall not become and be made a part of the Code of Ordinances of the City of Sanford,
Florida.
Section 7. Effective Date. This Ordinance shall become effective immediately
upon enactment by the City Commission.
Passed and Adopted this 12 day of March, A.D. 2012.
Attest:
City Commission of tl6 City of
Sanford, Florida
�� �w I anet Dougherty, Ci Clerk V Jeff Triplett,
Approved as to form and legal sufficiency:
e N Groot,As�sistan City Attb
nj*J)(-- (Sfl 'T
For the purposes of this Ordinance, underlined type shall constitute additions to the
original text, * ** shall constitute ellipses to the original text and stFiLn+hF-„w„o shall
constitute deletions to the original text.