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Ordinance 15599 � ORDINANCE NO. 1559 AN ORDINANCE AMENDING SECTION 2.21.06 OF ORDINANCE NO. 845� ENTITLED "AN ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE OF A PENSION AND RETIREMENT SYSTEM FOR CERTAIN EMPLOYEES OF THE CITY OF MIAMI BEACH, FLORIDA" . BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA: SECTION l. That Section 2.2 1.06 of Ordinance No. 845 of the City of Miami Beach� Flor ida, reading as follows : "2.21.06 Where any Member's �ccount becomes inactive by reason of separation from service without withdrawal of the Separation Refund, or by reason of deferring payment of benefits d.ue� interest shall be credited at the rates prescribed by the Board and in effect at the time as provided. herein. When a Retirant's or Pensioner's account becomes inactive after monthly payments have commenced., by reason of suspension or d.eferment of payments, interest shall be credited at the rate of three (3) percent per annum compounded. annually. All payments of interest under this subsection shall be limited to periods not to exceed five (5) years, after which no further interest shall be allowed." be and the same is hereby amended to read as follows: "2.21.06 Where any Member's account becomes inactive by reason of separation from service without withd.rawal of Separation Refund, interest shall be creaited. at the rates prescribed by the Board and in effect at the time as provided. herein. All payments of interest und.er this subsection shall be limited to period.s not to exceed. one year, after which no further interest shall be allowed. 2.21.07 Where any Member's account becomes inactive by reason of deferring payment of benefits d.ue, interest shall be credited at the rates prescribed. by the Board. and in effect at the time as pravided herein. 2.21.08 W1Zere any Retirant's or Pensioner's account becomes inactive after monthly payments have commenced by reason of suspension or deferment of payments, interest shall be cred.ited at the rates prescribed by the Board. and in effect at the time as provid.ed herein." SECTION 2. That all ordinances or parts of ordinances in conf lict herewith be and the same are hereby repealed. SECTION 3. That this ordinance shall go into effect immediately upon its passage and posting as required by law. PASSED and ADOPTED this 18thday of Auaust, A. D. 1965. ATTES : City Clerk � lst reading - August 4, 1965 2nd reading - August 4, 1965 3rd reading - August 1�, 1965 POSTED � August 2�, 1965 � 1 . � Mayor . __..._ ,�� r r � y.�- _ _---. F�� t . � r STATE OF F�ORIDA C4U�1'TY OF DADE s 2, Ro ��P�Io I�o JOHi�SOv, City Clerk in anc� ior the City of i+�iiami Beach, Florida, do hereby certify that Grd� nance 1'� 0 1559 enti�led h "AN ORDINANCE AME]�TDIN'G SECTION 2.21.06 OF ORDINANCE NO. 845, ENTITLED 'AN ORDINANCE PRO�IDING FOR THE CREATION AND MAINTENANCE OF A PENSION AND RETIRFNlENT SYSTEM FOR CERTAIN EMPLOYEES OF THE CITY OF M.IAP+iI BEACH, FLORIDA'", having been passed and adonted by the City Council of the City o� l�tiami Beach, Florida, has been �osted by me in three cons�icuous places in �he City of l�iiami �eacht one oi which was at the door of the Cit� Hall in said City on tl�e 20th da�� o� August, 19C5, and that said Ordinance reinained �osted for a s�eriod o:� at least thirty days in accordance with the rec�uireme�zts o� the Cit� Charter o:E the sai�. City of �Zia�ni Beach o Ii� ��ITNE�S WHEREOF I have hereunto set my hand and af�ixed the official seal oa`_ the Ci�y of Miami Beach, Florida, on th� s the �th da�,T o� October, 1965. Gi�� Clerk � ��i „y,., �y f. } ' '° ",.. _ ;f�� i %a. sw ,. ... � I" - t ' �,. = ' s� .+` a = � ���. � .� � � � �"x � c� m � } �t '�`� •� � . s�' t.' �-. , '.�«�r�#�r �,. e`� ,F a�r x � � - � `' a ^s' � "r4 !'L�.s �;s� ,� � . . t x � � �� � � .. x. "( �'._. - ��� �+�'� � PY'�` r �E ,? �5 �.: L 3. t .. a . �� �.. � �z�-�F � ��i '4 *����'hsA.**�` . S; d r , '�' . .,� �wx f . ... r� rir - �'�� �� �"' 1t,�B�`,.�._"'!��� ,`f ` . �� T�z e� � s� v �' L"..: '��;. ,.•!a�+r � . ,�� � � +�� 9 �:;. k , x . .. � ��� ������Y .., y ,� •.#��� �,� � �' � r + .P:-' _ _ .. ciP._. � e.. . .o . �.*E. ..,i«/Y�a `i�s`�'L�.k�'..,r �%"�`� � ...., . . :� 1�.i� s .r` . '� �; ,�'� Ai�� T .. �h 3 / F"i � / . �v.:- � .•�_�' +�, -, frF's`Y3 �': S �" Si-'�(`- ��. 1 � '% �' _ a `'r ���'�%+:. g��„ �r '�'�' �..�����.�';.,3 � at:` ysr . 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