Ordinance 1797�
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ORDI NANCE NO. 1797
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� AN ORDINIIIVCE AMI:NDING ORDINANCE NO. 845 OF
� T�IF C ITY nF MI AMI BFACH . FLORI DA , ENT ITLED
"�1N ORDI NANCE PROV I D I NG FOR THE CREAT ION
� AND MAINTENANCE OF A PENSION AND RETIREMENT
` SYSTEM FOR CERTAIN EMPLOYEES OF THE CITY
OF MIAMI BEACH, FLORIDA."
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BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MIAMI
BEACH. FLORIDA:
SECT ION 1.
That Section 7.03 of Ordinance No. 845, whfch
reads as follows:
".03 All investments shall be carried at a book
value such that the yield computed at uniform
interest rate, compounded annually or semi-
annually as the case may be, will remain uniform
to maturity. No adjustments 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"
be, and the same is hereby amended to read as follows:
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".03 Transactions involving the sale of bonds
and simultaneous purchase of other bonds for
substantially the same consideration shall
be treaLed as exchanges rather than two separate
transactions. No adjustments 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."
SECTION 2. All ordinances or parts o f ordinances in conflict
herewith be, and the same are hereby repealed.
SECTION 3. The health and welfare of the City being in
peril,�the three readings of this ordinance
shall be had in one session and the City Council f inding that
this ordinance is necessary for the inunediate protection of
its citizens, it shall therefore go into effect im�nediately
upon its passage. �
PASSED and ADOPTED this � Sth day of December , 1969.
Attest:
City Cler -Finance Director
lst reading - December 15, 1969
2nd r,eading - December 15, 1969
3rd reading - December 15, 1969
POSTED - December 16, 1969
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OI'fIC/ O! CITY ATTORNiY -� 11 i0 WASHINOTON AVtNY! -� MIAMI NAqI� llOR10A �il �
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STATE OF FLORIDA
COUNTY OF DADE:
I, RUTH B. ROULEAU, City C lerk and Finance Director in
and for the City of Miami Beach, Florida, do hereby certify that
Ordinance No . 17g7 entitled :
AN ORD I NANCE AMEND I NG ORD I NANCE N0. 845, OF THE C I TY OF MIAMI BEACH,
FLOR I DA, ENT i TLED "AN ORD I NANCE PROV I D I NG FOR THE CREATI ON AND
MA I NTENANCE OF A PENS I ON AND RETI REMENT SYSTEM FOR CERTA I N EMPLOYEES
OF THE C I TY OF MIAMI BEACH, FLOR I DA ."
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 16th day of December, 1 g69,
and that said Ordinance remained posted for a period of at least
thirty days in accordance with the requirements of the City Charter
of the said City of Miami Beach.
IN WITNESS WHEREOF I have hereunto set my hand and
affixed the official seal of the City of Miami Beach, Florida,
on this the 4th day of February, 1970,
City Clerk and Finance Director
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