Ordinance 96-3030 ORDINANCE NO. 96-3030
AN ORDINANCE OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, AMENDING
ORDINANCE NO. 1901 WHICH CREATED THE
RETIREMENT SYSTEM FOR GENERAL EMPLOYEES BY
ELIMINATING THE REQUIREMENT THAT THE FINANCE
DIRECTOR ACT AS CUSTODIAN OF ASSETS OF THE
SYSTEM; PROVIDING FOR A REPEALER, SEVERABILITY
AND AN EFFECTIVE DATE.
Whereas, pursuant to Article 9, Section 9 . 02 of Ordinance No.
1901 , which created the Retirement System for General Employees,
the City' s Finance Director is joint custodian of the assets of the
System along with the Board of Trustees of the System; and
Whereas, the Board of Trustees of the Retirement System for
General Employees 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 .
1901 ; 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:
r
SECTION 1 AMENDMENT OF SECTION 9 . 02
That Article 9 , Section 9 . 02 of the City of Miami Beach
Ordinance No . 1901 be amended as follows :
9 . 02 Finance Director
of the a33cts of the Siem and shall furnish bond or surety
hand in regularly designated depositories of thc Pcw-stun Fund, and
Charter or Ordinances of the City er Pension System for other funds
of thc City, and shall hold all intment3 in joint custody
between him3clf and thc Board.
Director shall be eoneide-red a fidueiary of thc Sy3tem. (Ord. No.
93 2880 . )
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shall be and the same are hereby repealed.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
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 .
MAYOR
ATTEST:
0(004 1)04ACGAA,
FORM APPROVED
CITY CLERK
1st reading 12/20/95
LEGAL DEP
2nd reading 1/10/96 BY • Ill
Date 1/i4/3‘
Approved as to Form:
Indicates Material that has been deleted.
3
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO. ( / J�p
TO: Mayor Seymour Gelber and
Members of the City Commission DATE
January 10, 1996
FROM: Jose Garcia-Pedrosa
City Manager
SUBJECT:
AN ORDINANCE F THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH,FLORIDA,AMENDING ORDINANCE NO. 1901
WHICH CREATED THE RETIREMENT SYSTEM FOR GENERAL
EMPLOYEES BY ELIMINATING THE REQUIREMENT THAT THE
FINANCE DIRECTOR 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. 93-2880 was passed on October 20, 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 9.02(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. 93-2880, that 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 General
System bringing the System closer to the independent status desired by both the City and the Board.
Conclusion:
This amendment is recommended by the Board of Trustees as necessary to properly maintain
the autonomy of the Pension System.
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