4332 Police Pensions/retirementOrdinance No. 4332
An Ordinance of the City of Sanford, Florida, Amending
Chapter 66, pensions and retirement, Article 11, 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):
(6)(b) All monies paid into or held in the fund shall be invested and reinvested by
the board and the investment of all or any part of such funds shall be limited
subject to the following:
For the purposes of this Ordinance, underlined type shall constitute additions to the original text, ' ` ' shall constitute ellipses to the original
text and striketinough shall constitute deletions to the original text.
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1. Notwithstanding any limitation provided for in Chapter 185, Florida
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of the Fund at market value be i
7 3. In addition, the board may, upon recommendation by the board's
investment consultant, make investments in group trusts meeting the
requirements of Internal Revenue Service Revenue Ruling 81 -100
and Revenue Ruling 2011 -1 or successor rulings or guidance of
similar import, and operated or maintained exclusively for the
commingling and collective investment of monies, provided that the
funds in the group trust consist exclusively of trust assets held under
plans qualified under section 401(a) of the code, individual
retirement accounts that are exempt under section 408(e) of the
code, eligible governmental plans that meet the requirements of
section 457(b) of the code, and governmental plans under
401(a)(24) of the code. For this purpose, a trust includes a
custodial account that is treated as a trust under section 401(f) or
under section 457(g)(3) of the code. While any portion of the assets
of the fund are invested in such a group trust, such group trust is
itself adopted as a part of the system or plan.
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 stiikcth. ough 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 26" day of January, 2015.
Attest:
Cynthia Porter, City Clerk
Approved as to form and legal sufficiency:
William L. Colbert, City Attorney
City Commission of the City of
Sanford, Florida
For the purposes of this Ordinance, underlined type shall constitute additions to the original text, ` ` ` shall constitute ellipses to the original
text and trough shall constitute deletions to the original text.