Ordinance 1787ORD INANCE NO . � 78 �
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AN ORDINANCE AMENDING ORDINA,NCE NO. 845
OF THE CITY OF MIAMI BEACH, FLORIDA,
ENTITLED "AN ORDINANCE PROVIDING FOR THE
CREATION AND MAINTENP,NCE OF A PENS ION
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.
as follows:
That Section 7.01 of Ordinance No. 845 be
and the same is hereby amended to read
"SECTION 7. INVESTMENTS
".Ol The combined cash assets of this System, and
the Systems created under Ordinances No. 734
and No. 498, 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 in-
debtedness which are the direct ob ligation 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 insurance or guaranty.
Bonds, notes or other securities of any state, county
or incorporated city in any State of the United States
of the District of Columbia, which are the direct
obligation of such state, county or city and for
payment of which said governmental body has the lawful
authority 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
corporation created and existing under the laws of
the United States or of any state, provided that the
amount so invested shall at no time exceed thirty-five
percent (35/) of the total funds invested."
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OFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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SECTION 2. That all ordinances, or parts of ordinances
in conflict 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hereby repealed.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 1 st day of October , 1969.
Attest:
ity Clerk-Finance Director
1 st read i ng - September 2�+, i g6g
2nd reading - September 24, 1g69
3rd reading - October 1, lg6g
POSTED - October 5, 196g
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OFFICE OF CITY AttORNEY -11 SO WASHINGTON AVENUE - MIAM! BEACH, FLORIDA 33139
STATE OF FLORIDA
COUNTY OF DADE:
I, RUTH B. ROULEAU, City Clerk and Finance Director in
and for �he City of Miami Beach, Florida, do hereby certify that
� Ordinance No. 1787 entitled:
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AN ORDINANCE AMENDING ORDINANCE N0. 845, OF THE CITY OF MIAMI BEACH,
FLORIDA, ENTITLED "AN ORDINANCE PROVIDING FOR THE CREATION AND
MAINTENANCE OF A PENSION AND RETfREMENT SYSTEM FOR CERTAIN EMPLOYEES
OF THE CITY OF MIAM1 BEACH, FLORIDA."
having been passed and adopted by the City Council of the City of
Miami Beach, Florida, has been posted by me in three conspicuous
places in the City of Miami Beach, one of which was at the door
of the City Hall in said City on the 5th day of October, 1969,
and that said �rdinance remained posted for a period of at least
thirty days in accordance with the requirements of the City Charter
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