Ordinance 1560� ORDINANCE N4. 1560
AN ORDINANCE AMENDING SECTION 7 OF ORDINANCE N0. 8�5
OF THE CITY OF MIAMI BEACH, FLORIDA, ENTITLED: "AN
ORDINANCE PROVIDING FOR THE CREATION AND MAINTENANCE
OF A PENSION AND RETIREMENT SYSTEM FOR CERTAIN EMPLDYEES
OF THE CITY OF MIAMI BEACH, FLORID�".
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI BEACH, FLORIDA:
SECTION 1. That Section 7 of Ordinance No. 8�5 of the City of Miami
Beach, Florida, reading as follows:
"SECTION 7. , IN�TESTMENTS
.Ol The combined cash assets of this System, and the
Systems created. under Ordinances No. 73� and �98,
ir. excess of the amount required for current operations
shall be invested in the following securities:
.01 Obliga�ions of the United States, the
interest and �rincipal of which are uncondi-
tionally guaranteed by the United States, or
.02 Bonds of the City of Miami Beach, the interest
and principal of which are unconditionally guar-
anteed by the �ity
.02 A1l investments shall be clearly marked to indicate
that they are a part of the combined assets of the
Systems, and to the extent possible, they shall be so
regis�tered.
.03 All investments shall be carried at a book value
such that the yield, computed at a uniform interest
rate, compounded annually or semi-annually as the case
may be, will remain uniform to maturity. No ad�justments
shall be made in investment valuations for ordinary
current market price fluctuations, but reserves may be
provided for anticipated losses upon redemption as
determined by the Board.
.0� Except as otherwise herein provided, no Trustee or
employee of the Board shall have any d.irect interest
in the income, gains or prof iics of any investments made
by the Board., nor sha11 any such person receive any pay
or emolument for services in conx�ection with any invest-
ment. Proof that any such person shall have violated any
of these restrictions shall make such person guilty of a
misdemeanor or felony, as the case may be, and such person
shall be punishable therefor as provided by law."
be and. the same is hereby amended to read as follows:
"S EC T I ON 7. INVES TP�IEIVTS
.O1 The combined cash assets of this System, and the Systems
created under Ordinances No. 73� and �98, in excess of
the amount required to meet current operations or pension and
retirement payments, shall be invested in the following
securities:
Bonds, notes, securities or other evidences of indebtedness
which are the direct obligation of the Government of the '
United States and for which the full faith and credit of ,
the government is pledged. `
�
,. .
,,. , � �
Loans, insured or guaranteed as to principal and interest
by the Government of the United States or by any agency
or instrumentality thereof, to the extent of such insur-
ance or guaranty.
Bonds, notes or other securities of any state, county or
incorporated city in any State of the United States or the
District of Columbia, which are the direct obligation of
such stat�e, county or city and for payment of which said
governmental body has the Zawf ul auichority to levy taxes
or make assessments.
Bonds, notes or other evidences of indebtedness which are
payable from revenues of any structure or improvement owned
by any state, county or incorporated city within the United
States.
Dividend paying stocks, common or preferred, of any corpora-
tion created. and existing under the lavas of the United States
or of any state, provided that the amount so invested shall
at no time exceed. �ifteen percent (15�) of the total funds
invested.
Bonds, notes or other interest-bearing obligations of any
solvent corpor�tion organized under the laws of the United
States, or any State, Territory or Possession of the United
States.
Shares or savings accounts of federal savings and. loan
associations, to the extent that they are insured by an
agency or an instrumentality of the Government of the
United States.
.02 All investments shall be clearly marked to indicate that they
are a�aart of the combined assets of the Systems, and to the
extent possible, they shall be so registered.
.03 A1l investments shall be carried at a book value such that
the yield, compulced at a uniform interest rate, compounded
annually or secni-annually as the case may be, will remain uniform
to maturity. No adjustments sha11 be made in investment valuations
for ordinary current market price f luctuations, but reserves may
be provided for anticipated losses upon redemption as d.etermined
by the Board.
.0�4 Except as otherwise herein provided, no Trustee or employee
of the Board shall have any direct interest in the income,
gains or prof its of any investments made by the Board, nor shall
any such person receive any pay or emolument f'or services in
connection with any investment, Proof that any such person shall
have violated any of these restrictions shall make such person
guilty of a misdemeanor or felony, as the case may be, and such
person shall be punishable therefor as provided by law,"
SECTION 2. That all ordinances or parts of ordinances in conflict here-
with be and the same are hereby repealed.
SECTION 3. That this ordinance shall go into effecic immediately upon
its passage and posting as required by law.
PASSED and ADOPTED this 18th d.ay of Auqust /��, A.I�. 1�65.
ATTEST •
` . ty C er�
lst reading - August 4, 1965
2nd reading - August 4, 1965
3rd reading - August 18, 1965
POSTED - August 20, 1965
-2-
Niayo
STATE OF F�,ORIDA
COiT�3'TY �F DADE �
I, Re '�:i'•�ia i�o JOH�TSOV, Gi�ty Clerk in and ior the
Cit�r of i�Liami Beach, Flarida, do hereby certif�r that
Ordinance i'� 0 1560 enti�tled � "AN ORDINANCE AMENDIN'G
SECTION 7 OF ORDINANCE NO. 845 OF THE CITY OF I�iIAMI BEACH,
FLORIDA, 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 "',
having been �assed and adot�ted b� the City Council of the
City of ��Iiami Beach, Florida, has been nosted by me in three
cons�icuous places in the Ci-�y of l�riami �each f one oi which
was at the door oi' the Ci�cy Hall in said Ci.ty on the
20th day o� August, 1965, and that said Ordinance
re�nained posted for a��e-riod o:� at least thirty da�s in
accordance wit�1 the requireme��ts o� the Cit�r Charter oF the
'; saic3 City o� �ti.ami �3eacho
Il�i' irti�TTNESS WHFREOF I have hereunto set my hand and
afrixed the official seal oz the Ci�ty or Miami Beach, Florida,
on th�s the 7th da� oz October, 1965.
Ci�y lerk