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96-22081 RESO RESOLUTION NO. 96-22081 A RESOLUTIO:N CALLING A SPECIAL ELBC- TION TO BE HELD ON NOVEJIBER 5, 1996 FOR THE PURPOSE OF SUBKI'l'TIRG '1'0 THE ELECTORATE OF THE CITY OF XIAXI BEACH FOR THEIR APPROVAL OR DIS- APPROVAL, AN AKEllDKER'l' TO SECTION 103 OF THE RELATED LAWS OF THE CIn OF lIIAlU BEACH, FLORIDA, TO DELETE SPECIFIC RESTRICTIONS CONCERNING PERSION BOARD IltVESTKEH'l' AND ALLOCA- TIOR, AND TO SUBSTITt1l'E THEREFOR LANGUAGE AU'rHORIZING '1'DE PERSIQN BOARD TO EXERCISE ( IN A PRUDENT .MANNER) IRDEPEHDBJrr JODGMElfT IN ALLOCATING AHD IHVES'l'IRG FUNDS: AU'l'HORIZIRG THE JlIAJ[[ BEACH COMMIS- SION '1'0 ESTABLISH BY ORDIRANCE PHRSIOtf . BOARD DWEM'MERTGUJ:DELXIlES ARDRBS'l'RIC'J.'IOIIS. BE IT RESOLVED BY THE CITY COMlfiSSXOII OF TIlE CITY OF HDUII BEACHz SECTION 1 s In accordance with the provisions of the Charter of the City of Miami Beach, Florida and the general laws of the State of Florida, a Special Election is hereby called and directled to be held in the City of Miami Beach, Florida, from 7:00 a.m. to ?sOO p.m. on November 5, 1996 for the purpose of submittin~r to the electorate the question as set forth hereinafter. SECTION 2: The appropriate and proper Dade County election officials shall conduct the said Special Election hereby called, except for the certification of the results of said Special Election, which duty shall be performed by the City Commission. The official returns for each precinct shall be furnished to the City Clerk of 1 the City of Miami Beach as soon as the ballots from all precincts have been tabulated on the night of said Special Election. SECTION 3: Said voting precincts in the City of said Special Election shall be as established by the proper and appropriate Dade County Election Officials. All electors shall vote at the polling places and the voting precincts in which the OFFICIAL REGISTRATION BOOKS show that the said electors reside. A list of the voting precincts and the polling places therein (subject to change by the Supervisor of Elections of Dade County, in accordance wi th the law6 of Florida) is attached hereto as Exhibit A. SECTION 41 Registration of persons desiring to vote in the Special Election shall be in accordance with the general law of t:he State of Florida governing voter registration. Qualified pe~Bons may obtain registration forms to vote at the Office of the Ci1:y Clerk, City Hall, 1700 Convention Center Drive, Third Floor, Mi~li Beach, Florida 33139, each and every day until October 7, 1996, between the hours of 9:00 a.m. and 5:00 p.m., and at such other voter registration centers and during such times as may be pre.vided by the Supervisor of Elections of Dade County. Each person desiring to become a registered voter shall be responsible for properly filling out the registration form and returning it to the Dade County Elections Office. All registration forms must be received by the Dade County Elections Office and clocked in no ltl.ter than October 7, 1996 at 5:00 p.m. in order for a person to votE! in this 2 ":'r ..... Special Election. All questions concerning voter registration should be directed to the Dade County Elections Offtce, 111 Northwest 1st Street, Floor 19, Miami, Florida 33130: Mailing Address: P. o. Rox 012241, Miami, Florida 33101; Telephone: (305) 375-5553. SECTION 5: Copies of the proposed amendment to the Miami Bea.ch City Related Laws shall be made available to the electors at th.e office of the City Clerk from 9:00 a.m. to 5:00 p.m. each day, Saturdays, Sundays and holidays excepted, not later than thirty days prior to the date of said election. SECTION 6; Not less than thirty days' notice of said Special Election shall be given by publication in a newspaper of general circulation in Miami Beach, Dade County, Florida. Such publication shall be made at least once each week for four consecutive weoks next preceding said Special Election. SECTION 7: The notice of election shall be substantially in the following form: CITY OF MIAMI BEACH, FLORIDA NOTICE OF SPECIAL ELECTION NOTICE IS HEREBY GIVEN THAT A SPECIAL ELECTION HAS BEEN CALLED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AND WILL BE HELD IN SAID CITY FROM 7:00 A.M. UNTIL 7:00 P.M. ON THE 5TH DAY OF NOVEMBER, 1996, AT WHICH TIME THERE SHALL BE SUBMITTED TO THE DULY REGIS- TERED AND QUALIFIED VOTERS OF THE CITY OF MIAMI BEACH THE FOLLOWING QUESTIONt 3 GENERAL EMPLOYEES RETIREMENT SYSTEM PENSION BOARD: DELETING SPECIFIC RESTRICTIONS ON BOARD'S ALLOCATION /' INVESTMENT OF FUNDS. SHALL SECTION 103 OF THE RELATED LAWS OF THE CITY OF MIAMI BEACH, FLORIDA, BE AMENDED TO DELETE SPECIFIC RESTRICTIONS CONCERNING PENSION BOARD INVESTMENT AND ALLOCATION, AND TO SUBSTITUTE THEREFOR LANGUAGE AUTHORI ZING THE PENSION BOARD TO EXERCISE (IN A PRUDENT MANNER) INDEPENDENT JUDGMENT IN ALLOCATING AND INVESTING FUNDS~ AUTHORIZING THE MIAMI BEACH CITY COMMISSION TO ESTABLISH BY ORDINANCE PENSION BOARD INVESTMENT GUIDELINES AND RESTRICTIONS. YES NO SECTrOR 8: The official ballot to be used in the Special Electi.on to be held on November 5, 1996, hereby called, shall be in subst.antially the following forma OFFICIAL BALLOT CITY OF MIAMI BEACH, FLORIDA SPECIAL ELECTION, NOVEMBER 5, 1996 GENERAL EMPLOYEES RETIREMENT SYSTEM PENSION BOARD: DELETING SPECIFIC RESTRICTIONS ON BOARD'S ALLOCATION /' INVESTMENT OF FUNDS. SHALL SECTION 103 OF THE RELATED LAWS OF THE CITY OF MIAMI BEACH, FLORIDA, BE AMENDED TO DELETE SPECIFIC RESTRICTIONS CONCERNING PENSION BOARD INVESTMENT AND ALLOCATION, AND TO SUBSTITUTE THEREFOR LANGUAGE AUTHORIZING THE PENS ION BOARD TO EXERCISE (IN A PRUDENT MANNER) INDEPENDENT JUDGMENT IN ALLOCATING AND INVESTING FUNDS; AUTHORIZING THE MIAMI BEACH CITY COMMISSION TO ESTABLISH BY ORDINANCE PENSION BOARD INVESTMENT GUIDELINES AND RESTRICTIONS. YES NO 4 SECTION 9: Absentee voters participating in said Special Election shall be entitled to cast their ballots in accordance with the p1:ovisions of the laws of the State of Florida with respect to absentee voting. SECTION lDs That the City of Miami Beach shall pay all of the expe!nees for conducting this Special Election and will pay to Dade County or directly to all persons or firms upon receipt of in~roice or statement approved by the Supervisor of Elections of Dade "~ounty, Florida. SECTION 11 : This Resolution shall be effective immediately upon itl!l passage. PASSED and ADOPTED this I tG' - KAYOR ATTEST: J:Si~~ e~ CITY CLERK <', ~"'. r..... r-... ,,-...... ".-, ~ " i l.' L 1\ ~ i !\ U j , ". u L~L DEPT. By / 1:Jt441~ Date ~J / V:jp_ ~. 5 PROPOSED RELATED Ll\WS AJlENDJIEft NOVEMBBR 5. 199~ SPECIAL RT~GTION Text of Ouestion No. Section 103 of the Related LaW6 of the City of Miam.i Beach, Florida, is hereby amended to read as follows: All moniec paid lRte any peasleR eE rctiromon~ sys~em ereatod sy ~kis Aet, ~XOGpt Buch meRiee as aro neeesBaFY te meot ourreB~ opera~ia, er pension aad Fe~i~emen~ paymeats, 6ftaII Be investod iB taB following. Belles. ne'tee. BcoHri't!ee er e'tl\er evi~ deBaes ef i:adestoEiRees wltish a~e t.ho di.l.'eet e8li"atieR of 'Gila 9sl"....e~BlReft'B af 'ERe UBi,ee. S~atee aBd fSF whish ~he f~ll iai_k aRB s~dit af ~he !s?eramoftt is pled!ed. LaaBS, insured sr !~a~anteod as 'Ea prinGipal and interest by 'tae te'l'J'e.E'nRle:&t of the Valted S~a~os or By aBY ateBey or ins~E'u Rlefl:Eality thereof, t.a 't:fte ox'tea'6 af sHeh lRearanec or ~aEaBty. BeReS, Retas and e6ftOE Bee~Fities af any st.at-a, eS\iRt.y or illseFpsEa:tes. city in allY state of tho Uai'tee S.at.ea or the Distriat af Columbia, whisk are the direct 981itat.ieR ef suck et~t.e, eeuftty or oi~y aRd fer pa~nt of wilieR said Ejo~JepMl.eR'tal aedy Ras 'tho lawf1:i1 authoEity ~e le~~ ~aKeB or make aeseesmeBtB. Bondc, aetes or Gther eviaensee ef ia deb~edRees whish arc payaBlo trem Ee~eBHeB of aay B'&E~eta.ll'e or imprSVeJBBn'& elft\eEi by any a~at.e, ee~nty or iResEpeEa~es. ei~y within tho United Bta~es. J;)ivieleBa paying e1i.eeks. eelmBeR or prc- fell'red, of aay serperatiea oroa~ed aRa existing 1:iaaeF 'tae law6 of ~ho Yait.ea States or sf aay stato, pro~ided '&ka~ 'tke amount 60 invosted Baall at BO Eise exoeed fit'&y peFseRt ef the total funas iRvee~ed. 6toeks, Gommon er preferred, af aRY ee~eratioR aot orea~ed and. Gxiet.i:aCj under ~he laws ef "Eke Uftit.ea. Sta~es ell' ef any .,"i.ate. sRal1 at 8.0 t.me oxeeed five percent of the t.etal e~~ities. No .SEe than ~wonty peEesat. ef ~ke total equity partfelie may be iWJos'tea ift R8B di~idoRd paying stocKS, waiek are suejeot to t.ke ~Qi8eliftee aet by ordinaase. BeMis. Bates SI' stksI' ia"&eFeet. bearing obligations of aRY selveft~ eeFpera~iaR eE'~aRiBea UReer tho la~6 of uhc Unitod States. er sftY sta~e, terI'itery sr paseoesien of ~hc Unit:.ed States. SaAFee or aa~..riftgB aeeounts of federal savings and leaft aeeeoiatieBs, 'to 'the extont 'Ehat. 'tkey arc inaulicd by an agc:aey or aa ifts~r~eR~ality sf 'Eke ,e7GFRmeft't at t.ho YBi~ed St.a1i06. All monies ~aid into any pension or retirement system created by this Act. except such monies as are necessary to me~t current Qgerating or pension and retirement payments. shall be inveated by the pension board. In connection therewith. the pension board shall. in acauiring. investina. reinvestina, exchang- ing, retaining. selling and manaaina property for the benefit of anv~n8io~or retirement system created by this Act. -exercisethe1uda- ment and care under the circU1nstancesthen prevailina. which persons of prudence. discre- tion and intelligence exercise in the manaae- ment of their own affairs. not in reqard to soeculation but in reaard to the permanent disposition of their funds. considering the proba~le income as well as the probable safety of their capital. Within the limitations of the foreaoing standard. the pension board is authorized to ac~ire and retain every kind of 9roDerty. real, nersonal or mixed. and every kind of investment specifically includina. but not by w~y of limitation. bonds. debentures and other corporate obliaations. a~d stocks. preferred or common. which nersons of pru- dence. discretion and intelligence acauire or retain for their own acqount and. within the limitations of the foregoing standard. the pension board may retain property acauired. withQut limita.tion as to time and without reaard to its suitability for original pur- chase. The city commission is authorized. by ordinance, to set more specific quidelines and restrictions for investment bv the pension board. The city commission is authorized, by ordinance, to increase the pension benefits to members of the city pension fund for employeeB of the City of Miami Beach. CITY OF MIAMI BEACH CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA33139 TO: FROM: SUBJECT: COMMISSIONMEMORANDUMNO.~ 5~-9 t~ Mayor Seymour Gelber and Memben of the City Commission DATE: July 17, 1996 Jose Garcia_Pedrosl City Manager A RESOLUTIO CALLING A SPECIAL ELECflON TO BE HELD ON NOVEMBER 5, 1996 FOR THE PURPOSE OF SUBMTITING TO THE ELECTORATE OF THE CITY OF MIAMI BEACH FOR THEIR APPROVAL OR DISAPPROVAL, AN AMENDMENT TO THE RELATED LAWS OF THE CITY OF MIAMI BEACH, FLORIDA TO DELETE ALL SPECIFIC RESTRICTIONS CONCERNING PENSION BOARD INVESTMENT ALLOCA nON, AND TO SUBSTITUTE THEREFOR LANGUAGE AUTHORIZING THE PENSION BOARD TO EXERCISE (IN A PRUDENT MANNER) INDEPENDENT JUDGMENT IN ALI-OCATING AND INVESTING FUNDS; AUTHORIZING THE MIAMI BEACH CITY COMMISSION TO ESTABLISH PENSION BOARD INVESTMENT GUIDELINES AND RESTRICTIONS. Administrative Recommendation The Administration recommends that the Mayor and City Commission adopt tb.e resolution. Analysis The Retirement System for General Employees of the City of Miami Beach <:ontains very specific restrictions on investments. For example, no more than fifty percent of total foods may be invested in stocks. In addition, at least eighty percent of all stocks must be dividend paying. These restrictions make it difficult for the pension board to obtain maximum returns. The resolution would amend the City of Miami Beach Related Laws to provide the more enlightened "Prudent Person Standard". This standard already governs the Retirement System for Unclassified Employees and Elected Officials of the City of Miami Beach and the City Supplemental Pension Fund for Firefighters ad Police Officers in the City of Miami Beach. Note that the amendment authorizes the City, ~ ordinance, to set more specific guidelines and restrictions for investment by the pension board. In other words, ahhough the City may choose to reimpose certain guidelines and restrictions, they will not be in the Related Laws and thus will be more easily amended to meet any current investment environment. The amendment has no fiscal impact on the pIan. Conclusion This amendment is recommended by the Board of Trustees as necessary for investment flexibility to meet changing financial circumstances. JGP:ma AGENDAITEM~ DA TE1::.l:L ..q ~ C:\WlWlordina1loe\Maledla"""",olu1i01l.~'"