3802 Firefighter RetirementORDINANCE NO. 38 0 2
AN ORDINANCE OF THE CITY OF SANFORD, FLORIDA,
AMENDING CHAPTER 2, ADMINISTRATION, ARTICLE
XVI OF THE CITY CODE OF THE CITY OF SANFORD
ENTITLED FIREFIGHTERS' RETIREMENT SYSTEM;
AMENDING SECTION 2-284, FINANCES AND FUND
MANAGEMENT; PROVIDING FOR SEVERABILITY OF
PROVISIONS, REPEALING ALL ORDINANCES IN
CONFLICT HEREWITH AND PROVIDING AN
EFFECTIVE DATE.
BE IT ENACTED BY THE PEOPLE OF TIlE CITY OF SANFORD, FLORIDA:
SECTION 1: That Chapter 2, Administration, Article XVI of the City Code of the City of
Sanford entitled Firefighters' Retirement System, is hereby amended by amending Section 2-284,
Finances and fund management, subsection (6), (b)5.c., to read as follows:
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 sixty-five (65) frftT-(5~ percent of the
assets of the fund.
SECTION 2: All Ordinances or parts of Ordinances in conflict herewith be and the
same are hereby repealed.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 this c.~'t'~ day of {/~x'.~/c'' , A.D. 2003.
ATTEST:
~'ITY CLERI~
(),'dimmce No.
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Sanford, Florida
CERTIFICATE
I, Janet R. Dougherty, City Clerk of the City of Sanford, Florida, do hereby certify that
a tree and correct copy of the foregoing Ordinance No.~0~ , ~SED A ~]>~D ADO~pTED
by the City Commission of the City of Sanford, Florida, on the ~;72_~_~__ day of (~f_~(d-~gez~ · ,
2003, w~ posted~at the front door of the City Hall in the City ot'Sanford, Flo~ida,C6n the~&"ffd
day of [/XJc~lglT , 2003. ·
~s the City Clerk o t ity of/San or ,
Florida
bmXsan\firc\05-16-03.ord
Ordinance No.
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