1850 ORDINANCE NO. 1850
AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA,
AMENDING ORDINANCE NO. 1688 THE POLICE
OFFICERS' RETIREMENT SYSTEM; PROVIDING FOR
INCREASED SERVICE RETIREMENT BENEFITS;
PROVIDING FOR ONE PERCENT AFTER TAX MEMBER
CONTRIBUTIONS; PROVIDING A SAVINGS CLAUSE;
PROVIDING FOR SEVERABILITY, CONFLICTS AND
EFFECTIVE DATE.
WHEREAS, certain amendments to Chapter 185, Florida
Statutes, have been enacted which require Members to contribute
to the System at a rate not less than 1% of their taxable
earnings; and
WHEREAS, the City of Sanford, Florida, desires to
provide increased service benefits.
NOW, THEREFORE, BE IT ENACTED BY THE PEOPLE OF THE CITY
OF SANFORD, FLORIDA:
SECTION 1. Section 1, Paragraph 12 of Ordinance No.
1688 shall be amended to read as follows:
"12. Accumulated Contributions - means a Member's own
contributions, including the portion -of Member
contributions for those whose contributions were
assumed by the City as of October 1, 1976, and paid on
behalf of each Member, along with contributions at the
rate of one percent (1%) of Earnings to be deducted
from each Member's taxable Earnings effective December
31, 1986."
SECTION 2. Section 1 of Ordinance No. 1688 shall have
the following paragraph added:
"15. Actuarial Equivalence - means a form of benefit
differing in time, period, or manner of payment from a
specific benefit provided hereunder but having the same
value when computed using UP 1984 Mortality Table and
eight percent (8%) interest."
SECTION 3. The last sentence of Section 3, Paragraph
2.A. of Ordinance No. 1688 is deleted and shall be replaced with
the following sentence:
"The monthly retirement benefit shall equal two and six
tenths percent (2.6%) of Average Monthly Earnings, for
each year of Credited Service."
SECTION 4: If any section or portion of a section of
this ordinance proves to be invalid, unlawful or unconstitu-
tional, it shall not be held to impair the validity, force or
effect of any other section or part of this ordinance.
SECTION 5: That all ordinances or parts of ordinances
in conflict herewith be and the same are hereby revoked.
SECTION 6: That this ordinance shall become effective
January 1, 1987.
PASSED AND ADOPTED this ~c~ day of~/~/FZ/,
A.D. 1986.
MAyOR~~ ~~ ~
As mission of the
, Florida.
CERTIFICATE
I, H. N. Tamm, Jr., City Clerk of the City of Sanford,
Florida, do hereby certify that a true and correct copy of the
foregoing Ordinance No. 1850, PASSED and ADOPTED by the City
Commission of the City of Sanford, Florida, on the 22nd day of
December, 1986, was POSTED at the front door of the City Hall in
the City of Sanford, Florida, on the 23rd day of December, 1986.