13370RESOLUTION NO. 13370
BE IT DULY RESOLVED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH, FLORIDA:
That Section 1 of Resolution No. 13335, calling a
Special Election to be held on November 2, 1971, for the
purpose of submitting a proposed Amendment to the Charter of
the City of i~iiami Beach, Florida, be and the same is hereby
amended by adding new and additional proposed Charter Amendments
for the approval or rejection by the Electorate; the proposed
questions being as follows:
2. Shall Chapter 23414, Laws of Florida,
Acts of 1945, being a part of the
Charter of the City of Miami Beach,
Florida, be amended so as to provide
a service retirement allowance equal
to three per cent (30) of the average
monthly salary or wages of the member
multiplied by the number of his years
of creditable service not in excess of
twenty (20) plus two and three-quarters
per cent (2-3/4%) of his average monthly
salary or wages multiplied by the number
of his years of creditable service in
excess of twenty (20), provided that the
monthly pension shall not exceed eighty-
five per cent (85%) of his average
monthly salary or wages; and further pro-
vided that all employees who become rnembers
of the System after December 1, 1971 shall
contribute eight per cent (80) of their
salary or wages and that those who become
members of the System on or before December 1,
1971 shall have until December 31, 1971 within
which to elect to pay said increased contri-
butions or shall be deemed to have elected
irrevocably not to increase his contributions
and not to receive the above described benefits.
3. Shall Chapter 26024, Laws of Florida, Acts
of 1949, being part of the Charter of the City
of Miami Beach, Florida, be amended to provide
as follows:
(a) That the assistant city manager be
a member of said board of trustees, rather
than the city manager.
(b) That the board of trustees have the
power to invest the monies of the fund in
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 per cent (350) of
the total funds invested.
(c) That the board of trustees shall have
the power to invest monies of the fund in bonds,
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OFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
notes or other interest-bearing obli-
gations of any solvent corporation
organized under the laws of the United
States or any State, territory or pos-
session of the United States.
PASSED and ADOPTED this 1st day of September, 1971.
Mayor
Attest:
City Clerk-Finance Director
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OFFICE OF CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139