Ordinance 96-3029 ORDINANCE NO. 96-3029
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING
ORDINANCE NO. 88-2603 WHICH CREATED THE
RETIREMENT SYSTEM FOR UNCLASSIFIED EMPLOYEES
AND ELECTED OFFICIALS BY ELIMINATING SECTION
9 . 04, ENTITLED "FINANCE DIRECTOR" WHICH
PROVIDES FOR THE FINANCE DIRECTOR TO ACT AS
CUSTODIAN OF ASSETS OF THE SYSTEM; PROVIDING
FOR A REPEALER, SEVERABILITY AND AN EFFECTIVE
DATE.
Whereas, pursuant to Article 9, Section 9 . 04 of Ordinance No .
88-2603 , which created the Retirement System for Unclassified
Employees and Elected Officials, the City' s Finance Director is
custodian of the assets of the System along with the Board of
Trustees; and
Whereas, the Board of Trustees of the Retirement System for
Unclassified Employees and Elected Officials of the City of Miami
Beach, Florida, wishes to continue its responsibility as custodian
of the assets of the System as set forth in Article 7, Section
7 . 06 (k) of Ordinance No . 88-2603 ; and
Whereas, the Board of Trustees has recommended that governance
of the System could be more independent and autonomous if the
Finance Director is no longer a joint custodian.
NOW, THEREFORE, BE IT ORDAINED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA:
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SECTION 1. AMENDMENT OF SECTION 9 . 04
That Article 9 , Section 9 . 04 of the City of Miami Beach
Ordinance No. 88-2603 be amended as follows :
9 . 04 Finance Dircctor
of the assets of the Systef and shall furnish bond or surety
thcrcfor acceptable to the Board. He shall dcpo3it all cash on
hand in regularly designated depositori-e-s of the- Pension Fund, and
Charter or Ordinanecs e-f the C er Pension System for other funds
of thc City, and shall hold all invaistments in joint custody
between himself and thc Board.
Director shall be considered a fi• . - ' . _
93 2877 , S3 . )
SECTION 2 . REPEALER.
All Ordinances or parts of Ordinances in conflict herewith
shall be and the same are hereby repealed.
SECTION 3 . SEVERABILITY.
If any section, subsection, clause or phrase of this Ordinance
is held to be invalid or unconstitutional by any court of competent
jurisdiction, then said holding shall in no way affect the validity
of the remaining portions of this Ordinance .
2
s
SECTION 4 . EFFECTIVE DATE.
This Ordinance shall take effect on the 20th , day of
January 1996 .
PASSED and ADOPTED this 10th day of January , 1996 .
I/ 1011
MAYOR
ATTEST:
FORM APPROVED
RokAuk LEGAL D
PT
CITY CLERK
1st reading 12/20/95 Date ,
2nd reading 1/10/96
Indicates material that has been deleted.
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CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO. 1 lc-" (es
TO: Mayor Seymour Gelber and
Members of the City Commission DATE5anuary 10, 1996
FROM: Jose Garcia-Pedrosa iI'
City Manager
1✓:/ '
SUBJECT: AN ORDINANCE 0 ITHE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, AMENDING ORDINANCE NO. 88-
2603 WHICH CREATED THE RETIREMENT SYSTEM FOR
UNCLASSIFIED EMPLOYEES AND ELECTED OFFICIALS BY
ELIMINATING SECTION 9.04, ENTITLED "FINANCE DIRECTOR"
WHICH PROVIDES FOR THE FINANCE DIRECTOR TO ACT AS
CUSTODIAN OF ASSETS OF THE SYSTEM; PROVIDING FOR A
REPEALER, SEVERABILITY AND AN EFFECTIVE DATE.
Recommendation:
The Administration recommends that the Mayor and the City Commission adopt this
Ordinance on second reading.
Analysis:
When Ordinance No. 93-2877 was passed on October 6, 1993, it placed responsibility for the
administration of the Pension System on the Board of Trustees. Article 7, Section 7.06(k)provides
for the Board to be legal custodian of all cash and securities of the System, and gives the Board full
power to hold, purchase, sell, assign, transfer and dispose of any of the securities and investments.
However,Article 9, Section 9.04(a)provides for the Finance Director of the City to be the custodian
with the power to hold all investments under joint custody with the Board.
The Board of Trustees has recommended that, in keeping with the autonomy of the Pension
System as desired by both the Board and the City through Ordinance No. 93-2877, the Finance
Director no longer act in joint custody with the Board as Custodian of the Retirement System.
The attached amendment would eliminate the responsibility of the Finance Director to act as
custodian, and allow the Board of Trustees to be the legal custodian of all assets of the Unclassified
System bringing the System closer to the independent status desired by both the City and the Board.
Conclusion:
This amendment has been recommended by the Board of Trustees as necessary to properly
maintain the autonomy of the Pension System. AGENDA ITEM
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