HomeMy WebLinkAboutO-1978-175 ORDINANCE NO. 175
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i AN ORDINANCE OF THE CITY OF DANIA, FLORIDA, i
AMENDING ORDINANCE NO. 132 OF CITY OF DANIA,
FLORIDA, WHICH WAS ADOPTED ON FINAL READING
ON FEBRUARY 22, 1977 , AND KNOI4N AS THE PENSION j
PLAN FOR POLICE OFFICERS AND REGULAR FULL-
TIME FIREMEN BY DELETING SUBSECTION 3 OF SECTION
7 AND ADDING A NEW SUBSECTION 3 OF SECTION 7 :
AND PROVIDING THAT ALL OTHER PROVISIONS OF SAID
ORDINANCE NO. 132 SHALL REMAIN IN FULL FORCE AND j
EFFECT; AND PROVIDING THAT ALL ORDINANCES OR I PARTS OF ORDINANCES AND ALL RESOLUTIONS OR PARTS
( OF RESOLUTIONS IN CONFLICT HEREWITH BE REPEALED t
TO THE EXTENT OF SUCH CONFLICT; AND PROVIDING
FOR AN EFFECTIVE DATE .
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( BE IT ORDAINED BY THE CITY COMMISSION OF THE CITY OF DANIA,
I FLORIDA:
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Section 1 . That Ordinance No . 132 of the City of Dania, Florida,
which was adopted on final reading on Februa? , 22 , 1977 , and known as
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the Pension Plan for Police Officers and regular full-time Firemen be
and the same is hereby amended by deleting in its entirety Subsection
e ` 3 of Section 7 of said Ordinance and inserting in lieu thereof the
following:
Subsection 3 . The Board may appoint a National
or State Bank with Trust powers
for the purpose of serving as
1 Custodian of such assets of the f
aFund as the Board determines to
deposit therewith. In order to
� .. fulfill its investment respon-
sibilities as set forth herein,
the Board may retain the services
of the Custodian Bank, an invest-
ment advisor registered under
Investment Advisors Act of 1940 , E
an insurance company, or a combi-
nation of these, for purposes of
investment decisions and management. k
Such investment manager, if retained
as such, shall have full discretion,
within any broad guidelines pres-
cribed by the Board and the City,
a 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 of
the City Commission; in the absence j
of Commission approval , such guidelines f
shall not be applicable.
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Section 2. That except as herein amended all provisions of
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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 .
Section 4. That this ordinance shall be in force and take effect
immediately upon its passage and adoption.
PASSED and ADOPTED on First Reading on the 23rd day of May
1978.
PASSED and ADOPTED on Second and Final Reading on the 13th day
of June 1978 .
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ZR �- MM'ISSIONER
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ATTEST:
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CITY CLERK AUDITOR � L' !
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APPROVED FOR FORM AND CORRECTIVENESS
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BY 94 CD / I
FRANK C . ADLER, City Attorney
City of Dania , Florida
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