HomeMy WebLinkAboutO-1988-057 ORDINANCE 57-88
AN ORDINANCE OF THE CITY OF DANIA, FLORIDA, AMENDING
SECTION 18-47 ( 6 ) (b) OF THE CODE OF ORDINANCES OF THE
CITY OF DANIA ENTITLED "FINANCES AND FUND MANAGEMENT;
9i ESTABLISHMENT AND OPERATION OF FUND" TO VARY THE
RESTRICTIONS PLACED ON THE INVESTMENT OF THE ASSETS OF
THE CITY OF DANIA POLICE AND FIRE FIGHTERS RETIREMENT
SYSTEM IMPOSED BY SECTIONS 175. 071( 1 ) AND 185. 06( 1 ) OF
THE 1 FLORIDA
NGS CLAUSE,
PROVIDING THAT AALL EORD ORDINANCES ORF PARTS SOFIORDINANCES
AND ALL RESOLUTIONS OR PARTS OF RESOLUTIONS IN
CONFLICT HEREWITH BE REPEALED TO THE EXTENT OF SUCH
CONFLICT; AND PROVISIONS FOR AN EFFECTIVE DATE.
WHEREAS, .section 18-47( 6 ) (b) of Article IV of the Dania Code
which establishes the City of Dania Police and Fire Fighters
1 Retirement System empowers the Board of Trustees of said System
to invest and reinvest the assets of the System ' s Trust Fund "and
such securities or property, real or personal , wherever situated
and of whatever kind , as shall be a pproved by the Board of
Trustees" , and
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{ WHEREAS, Section 18- 47 ( 3 ) of the Dania Code requires said
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Board of Trustees to retain the services of an investment manager
to make investment decisions and management of the Trust Fund ' s
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assets, which investment manager shall have full discretion ,
jwithin any broad guidelines prescribed by the Board and the City,
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1 and
{ WHEREAS , the investment guidelines which govern said
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investment manager must both be adopted by the Retirement
System ' s Board of Trustees and approved by resolution of this ?
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City Commission, and
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WHEREAS, these requirements of Article IV of the Dania Code
provide sufficient protection and oversight for the investment of
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the Retirement System ' s Funds, and
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WHEREAS, the restrictions placed on the investment powers of
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the Board of Trustees by Sections 175 . 071 ( 1 ) and 185. 06 ( 1 ) of the
Florida Statutes are unnecessary in light of the protections
provided by the provisions of Article IV of the Dania Code which {
require the retention of an investment manager and the adoption
of investment guidelines by the Board of Trustees with the
approval of the City Commission, and
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WHEREAS, the Board of Trustees of the Retirement System have
j requested a variance of the investment procedures set forth in
Sections 175 . 071 ( 1) and 185. 06( 1 ) as expressly permitted by said
j
j Sections, and
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,
WHEREAS, the City Commission wishes to vary said statutory f
investment procedures.
NOW, THEREFORE BE IT ORDAINED BY THE CITY COMMISSION OF THE
CITY OF DANIA, FLORIDA, AS FOLLOWS:
Section 1 . That Section 18 - 42 ( 6 ) ( b ) of the Code of
Ordinances of the City of Dania, Florida be and the same is
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hereby amended by adding the following underlined words :
Notwithstanding the restrictions contained in Sections
175. 071 ( 1 ) and 185.06( 1 ) , Florida Statutes , the Fund
may be invested and reinvested in such securities or
property, real or personal , wherever situated and of
whatever kind, as shall be approved by the Board of
Trustees , including but not limited to stocks , common j
or preferred, and bonds, and other evidences of
indebtedness or ownership.
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Section 2. Except as herein amended , all other
provisions of said Article IV shall remain in full force and
{ effect .
Section 3 . That all resolutions or parts of resolutions
and all ordinances or parts of ordinances 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
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take effect immediately upon its final passaqe and adoption.
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PASSED AND ADOPTED on first readinq on this _27th__ day of j
September r 1988.
PASSED AND ADOPTED on second and final readinq on this
_11th _ October day of October , 1988,
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ATTES MAYO - COMML$SIONER
CITY . LERK - AUDITOR
APPROVED FOR FORM �pANND�DD CORRECTNESS: I , '
RADLER, CITY ATTORNEY DANIA.ORD li57-88
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THE SUN—TATTLER TR a °"
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Established as The Hollywood Sun - January 4, 1935
HOLLYWOOD, BROWARD COUNTY, FLORIDA
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STATE OF FLORIDA
COUNTY OF BROWARD �• '
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Before the undersigned authority Jack D. Pate cone ►' I
g Y Personally appeared �.$F T
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who on oath says (he/she) is Advertising Sales Manager AMENN, 1.A N
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'FUN�•QAtp��!xAR�1,t S+5tNe.
of THE SUN-TATTLER, a daily newspaper published at Hollywood in Broward REHTR CTM Ae y�C�cO
OF�� V .�nnNT
County, Florida: that the attached copy of advertisement, being a `;de' A T°�L�"a
_Notice of Hearing i�r"ieo i)ysv', �fTpS,�oN�
I UTESH�RpI d1010A•TAT•
in the matter of _ City of Dania 3AVINa3 �a •$ "'
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in the 100 W. Dania Beach Blvd. xUe66�xxx {jjR ioNA
was published in said newspaper in the issue of
September 30, 1988 ! �, TTN' 4IINO
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Affiant further says that the said SUN-TATTLER is a newpa per published at Hollywood in
said Broward County,Florida,and that the said newspaper has heretofore been continuously .'�ITTO1Oi!�TAihA•�11,I,TTRNE I.
published in said Broward Count Florida,each week and has been entered as second class A RIf h IRINfi•THAT
Y� TH(< 6WN8) OR His �•'•�
matter at the post office in Hollywood in said County.Florida, fora period of one year next OesloNArQO'..eA.PLOY•
P Y ER 86 It It NT AT ALL
preceding the first publication of the attached co of advertisement: and affiant further -TI"AE5' U wa WNICH.A r P g P PY HuslHess'ESTAHL s
says that he has neither paid nor promised any person, firm or corporation any discount, s ENTdi 3,M0PEN4
rebate,commission or refund for the purpose of securing this advertisement for publication i�ENALPr
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