3803 Police Officers Retireent ORDINANCE NO. 3803
AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA,
AMENDING CttAPTER 2, ADMINISTRATION, ARTICLE XV,
POLICE OFFICERS' RETIREMENT SYSTEM; AMENDING
SECTION 2-264, FINANCES AND FUND MANAGEMENT;
REPEALING ALL ORDINANCES IN CONFLICT HEREWITH
AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF THE CITY OF SANFORD, FLORIDA:
SECTION 1: That Chapter 2, Administration, Article XV of the City Code of the City of
Sanford entitled Police Officers' Retirement System, is hereby amended by amending Section 2-264,
Finances and fund management, subsection (6)(b)5.c., to read as follows:
(6)(b) 5. c. The board shall not invest more than five (5) percent of its assets in
the common stock, capital stock, or convertible securities of any one
(1) issuing company, nor shall the aggregate investment in any one
issuing company exceed five (5) 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
fi~y (50) sixW-five (65) percent of the assets of the fund.
All Ordinances or parts of Ordinances in conflict herewith be and the same
SECTION 2:
are hereby repealed.
SECTION 3:
If any section, subsection, sentence, clause, phrase of this ordinance, or the
particular application thereof shall be held invalid by any court, administrative agency, or other body
with appropriate jurisdiction, the remaining section, subsection, sentences, clauses, or phrases under
application shall not be affected thereby.
SECTION 4: That this Ordinance shall become effective upon adoption.
PASSED AND ADOPTED thisZ~ day of (,~ ~ ,A.D. 2003.
Ordinance No.
Page l
ATTEST:
Sanford, Florida
CERTIFICATE
I, Janet R. Dougherty, City Clerk of the City of S_anford, Florida, do hereby certify that a tree
and correct copy of the foregoing Ordinance No~-~O~.~,_, PASSE.~D AND ADOPTED by the City
Commission of the City of Sanford, Florida, on th~ay of ff.,~Z4F~zx~.. , 2003, .was posted
at the front door of the City Hall in the City of Sanford, Florida, on tl~:~(a~ day of (~/a:/:]-,
2003. (2
.4[4 the City Clerk of ~e City iff Sanford,
Florida
bmksan\pol\06-26-03.ord
Ordinance No.
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