HomeMy WebLinkAboutCity of Tamarac Ordinance O-2016-001Temp. Ord. #2334
January 13, 2016
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CITY OF TAMARAC, FLORIDA
ORDINANCE NO. 0-2016-
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF
TAMARAC, FLORIDA; AMENDING CHAPTER 16, PENSIONS AND
RETIREMENT, ARTICLE VII, POLICE OFFICERS —DECLARATION OF
TRUST, DIVISION 2, SECTION 16-585 INVESTMENTS, AMENDING
THE INVESTMENT PARAMETERS TO ALLOW INVESTMENT IN
COMMINGLED INVESTMENT VEHICLES AND LIMITED
PARTNERSHIPS; PROVIDING FOR CODIFICATION; PROVIDING FOR
CONFLICTS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN
EFFECTIVE DATE.
WHEREAS, the Board of Trustees of the City of Tamarac Police Officers'
Pension Trust Fund (the "Board") has determined, upon the advice of its Investment
Consultant and in keeping with its fiduciary duties, that flexibility with respect to
investment vehicles is in the best interests of the participants and beneficiaries of the
plan;
WHEREAS, the Board is authorized by Florida Statutes, §185.06(b) to invest the
assets of the fund in vehicles that vary from the procedures set forth therein when
specifically authorized by ordinance;
WHEREAS, an amendment to the City Code is therefore required to specifically
authorize the Board to invest the assets of the fund in Commingled Investment Vehicles
and Limited Partnerships; and
WHEREAS, the City Commission received, reviewed, and considered an
actuarial impact statement describing the actual impact of the amendments provided for
herein,
CODING: Words in stFUGk theagI4 type are deletions from existing law;
Words in underscored type are additions.
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Temp. Ord. #2334
January 13, 2016
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NOW THEREFORE, BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF TAMARAC, FLORIDA:
Section 1: That the foregoing whereas clauses are hereby ratified and
confirmed as being true and correct and are hereby made a specific part of this
Ordinance upon adoption hereof.
Section 2: That Section 16-585, Investments, of the Code of Ordinances of the
City of Tamarac be and is hereby amended as follows:
Sec. 16-585. - Investments
(a) The trustees shall have the power and authority, in their sole discretion, to
establish investment procedures to invest and reinvest such funds as are not
necessary for current expenditures or liquid reserves, as they may from time to
time determine. The trustees may, in their sole discretion, invest and reinvest
funds in any commingled investment vehicle and limited partnerships as they
may from time to time determine. These investments shall be in compliance with
section 185.06(I)(b), F.S. The trustees may sell; exchange or otherwise dispose
of such investments at any time and, from time to time, as provided in section 16-
590. The trustees shall have the authority, in respect to any stocks, bonds or
other property, real or personal, held by them as trustees, to exercise all such
rights, powers and privileges as might be lawfully exercised by any person
owning similar stocks, bonds or other property in their own right.
Section 3: It is the intention of the City Commission and it is hereby ordained
that the provisions of this Ordinance shall become and be made part of the Code of
Ordinances of the City of Tamarac, Florida, and that the Sections of this Ordinance may
be renumbered or relettered, and the word "Ordinance" may be changed to "Section,"
"Article," or other such word or phrase in order to accomplish such intention.
Section 4: All Ordinances or parts of Ordinances in conflict herewith are hereby
repealed to the extent of such conflict.
CODING: Words in StFUslFt#Feag# type are deletions from existing law;
Words in underscored type are additions.
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Temp. Ord. 92334
January 13, 2016
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Section 5: If any provision of this Ordinance or the application thereof to any
person or circumstances is held invalid, such invalidity shall not affect other provisions
or applications of this Ordinance that can be given affect without the invalid provision or
application, and to this end the provisions of the Ordinance are declared to be
severable.
Section 6: This Ordinance shall become effective on adoption.
PASSED, FIRST READING this da of � 2015.
PASSED, SECOND READING this / day of 2016.
BY:
MA R HARRY DRESSLER
ATTEST:
Of RECORD OF COMMISSION VOTE: 15t Reading
PATRICIA TEUFEV PMC
CITY CLERK MAYOR DRESSLER
DIST 1: COMM BUSHNELL
DIST 2: COMM GOMEZ
DIST 3: V/M GLASSER
DIST 4: COMM PLACKO
I HEREBY CERTIFY that
I have approved this
ORDINANCE as to form: RECORD OF COMMISSION VOTE: 2"d Reading
MAYOR DRESSLER boo
/ DIST 1: COMM BUSHNELL �-
MUEL S. GOREN DIST 2: COMM GOMEZ
CITY ATTORNEY DIST 3: V/M GLASSER J
DIST 4: COMM PLACKO
CODING: Words in etrUsk-thFeag# type are deletions from existing law;
Words in underscored type are additions.
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