4278 Police Retirement Amendment 2012Ordinance No. 4278
An Ordinance of the City of Sanford, Florida, Amending Chapter
66, pensions and retirement, Article II, 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 hereby amended to read as follows by amending Section 66 -34, Finances
and Fund Management, subsection (6)(b)5., and adding subsection (6)(b)7.:
(6)(b) 5. Stocks, commingled funds, mutual funds or other investment vehicles
approved by the board and bonds, or evidences of indebtedness, provided
that:
a. Except as provided for in paragraph b. below, a ll individually held
securities and all securities in a commingled or mutual fund or other
investment vehicle approved by the board 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 stfikegwettgh shall constitute deletions to the
original text.
b. Up to twenty -five percent of the assets of the fund at market value
may be invested in foreign securities.
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The aggregate investment in any one
issuing company shall not 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.
7. In addition, the board may, upon recommendation by the board's investment
consultant m ake investments in group trusts meeting the reauirements of
Internal Revenue Service Revenue Ruling 81 -100 or successor rulings or
guidance of similar import, and while any portion of the assets of the fund are
invested in such a gr oup trust, such P-roup trust is itself adopted as a part of
the system or plan.
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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
For the purposes of this Ordinance, underlined type shall constitute additions to the original text, * *
* shall constitute ellipses to the original text and stf-ilethfattgh shall constitute deletions to the
original text.
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.
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 12th day of November, 2012.
Attest:
City Commission of the City of,S4nford, Florida
anet Dougherty, Cit Clerk Jeff Triplett,
Approved as to form and legal sufficiency:
Lonme N. Groot, Assistant City Attorney
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For the purposes of this Ordinance, underlined type shall constitute additions to the original text, * *
* shall constitute ellipses to the original text and s#ilethfetto shall constitute deletions to the
original text.