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ORDINANCE NO. 198
AN ORDINANCE OF THE CITY OF DANIA, FLORIDA,
AMENDING SECTION 7, PARAGRAPH 3 OF ORDINANCE
NO. 132 PASSED AND ADOPTED ON FEBRUARY 22 1977,
AND KNOWN AS "POLICE AND FIREMAN PENSION
ORDINANCE" TO AUTHORIZE THE USE OF A FEDERAL
SAVINGS AND LOAN ASSOCIATION AS A CUSTODIAN AND
DIPOSITORY OF THE PENSION FUNDS ; AND PROVIDING
THAT ALL ORDINANCES OR PARTS OF ORDINANCES AND
ALL RESOLUTIONS OR PARTS OF RESOLUTIONS IN CON-
FLICT HEREWITH BE REPEALED TO THE EXTENT OF SUCH
CONFLICT; AND PROVIDING FOR AN EFFECTIVE DATE .
BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA,
FLORIDA:
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Section 1 . That Paragraph 3 of Section 7 of Ordinance No. 132
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passed and adopted on second and final reading on February 22, 1977, be
and the same is amended to read as follows :
The Board shall be required to appoint a National or
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State Bank or a Federal or State Savings and Loan
Association with Trust powers for the purpose of
serving as Custodian of the Fund and all assets of the
Fund shall be promptly and continually deposited there-
with. In order to fulfill its investment responsibilities
as set forth herein, the Board shall be required to
retain the services of the Custodian Bank or Savings and
Loan Association, an investment adviser registered under
Investment Advisors Act of 1940, an insurance company, or
a combination of these, for purposes of investment
decisions and management. Such investment manager shall
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have full discretion, within any broad guidelines prescribed
by the Board and the City, in the investment of all Fund
assets . General guidelines may be adopted by the Board,
but if so shall also be subject to approval by resolution
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of the City Commission; in the absence of Commission approval,
such guidelines shall not be applicable .
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Section 2 . That except as herein amended all other provisions
of said Ordinance No. 132 shall remain in full force and effect .
Section 3. That all ordinances or parts of ordinances and all
resolutions or parts of resolutions in conflict herewith be and the
same are hereby repealed to the extent of such conflict .
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Section 4. That this ordinance shall be in force and take effect
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immediately upon its passage and adoption.
PASSED and ADOPTED on First Reading on the 14th day of November,
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1978.
PASSED and ADOPTED on Second and Final Reading on the 14th day
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of November, 1978.
YOR - COMMIS NER
ATTEST :
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CITY CLERK 'AUDITOR
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sAPPROVED FOR FORM AND CORRECTIVENESS
{ FRANK C. ADLER, City Attorney
City of Dania, Florida
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