97-O-04
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ORDINANCE NO. 97-0-04
AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF
EDGEW ATER, FLORIDA, AMENDING ORDINANCE NO. 95-
0-13 REGARDING THE FIREFIGHTERS' PENSION FUND;
FOR THE PURPOSES OF THE CITY OF EDGEWATER
FIREFIGHTERS' PENSION FUND VARYING THE
INVESTMENT PROCEDURES SET FORTH IN SECTION
175.071(1)(b)4.b, FLORIDA STATUTES; PROVIDING FOR
CONFLICTING PROVISIONS, SEVERABILITY AND
APPLICABILITY; PROVIDING FOR AN EFFECTIVE DATE
AND FOR ADOPTION.
WHEREAS, the City Council of the City of Edge water, Florida, has made the following
determinations:
1. The Board of Trustees of the Edgewater Firefighters' Pension Fund, has determined based
upon the advice of the Board's investment manager, ICC Capital Management, and the Board's
investment consultant, Smith Barney, that the investment procedures set forth in Section
175.071(1)(b)4.b, Florida Statutes, concerning allocation of assets between equities and fixed income
securities should be varied to permit a maximum investment in common stock or capital stock of 70%
and a maximum investment in bonds of 30%.
2. It is in the best interest of the City and the Pension Fund's participants and beneficiaries
that this change be enacted and doing so will not unduly expose either the City or the participants
and beneficiaries to unnecessary risk.
NOW, THEREFORE, BE IT ENACTED by the People of the City of Edge water, Florida:
PART A. AMENDMENT OF ORDINANCE NO. 95-0-13
Ordinance No. 95-0-13 is hereby amended as follows:
Section 1.
Varying Investment Procedures
For the purposes of the City of Edgewater Firefighters' Pension Fund, the investment
procedures established in Section 175.071(1)(b) 4.b. are revised to read as follows: The aggregate
of the Firefighters' Pension Fund investments in equities (common stock or capital stock) at cost
shall not exceed 70% of the Pension Fund's assets and the aggregate of the Pension Fund's
investments in fixed income securities at cost shall not be less than 30% of the Pension Fund's assets.
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Section 2.
Incorporating the Provisions of Chapter 175, Florida Statutes, Except as
Provided Herein and in Ordinance No. 95-0-13
The provisions of Chapter 175, Florida Statutes, shall be effective and constitute the City of
Edgewater Firefighters' Pension Fund except as specifically set forth herein and in Ordinance No. 95-
0-13.
PARTB.
CONFLICTING PROVISIONS.
All conflicting ordinances and resolutions, or parts thereof in conflict with this ordinance, are
hereby superseded by this ordinance to the extent of such conflict.
PART C.
SEVERABILITY AND APPLICABILITY.
If any portion of this ordinances is for any reason held or declared to be unconstitutional,
inoperative, or void, such holding shall not effect the remaining portions of this ordinance. If this
ordinance or any provisions thereof shall be held to be inapplicable to any person, property, or
circumstances, such holding shall not affect its applicability to any other person, property or
circumstance.
PART D.
EFFECTIVE DATE.
This ordinance shall take effect upon adoption.
PART E.
ADOPTION.
After Motion by Councilman Hatfield and Second by Councilwoman Martin, the vote on the
first reading of this ordinance held on March 17, 1997, was as follows:
Mayor Jack H. Hayman, Sf.
AYE
Councilman Danny K. Hatfield
AYE
Councilwoman Louise A. Martin
AYE
Councilman Mike Hays
AYE
Councilman David L. Mitchum
ABSENT
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After Motion by Councilman Hatfield and Second by Councilwoman Martin, the vote on the
second reading of this ordinance was as follows:
Mayor Jack H. Hayman, Sr. AYE
Councilman Danny K. Hatfield AYE
Councilwoman Louise A. Martin AYE
Councilman Mike Hays AYE
Councilman David L. Mitchum AYE
PASSED AND DULY ADOPTED this 7th day of April, 1997.
Dated: y 7 9%
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97-0-04
CITY COUNCIL OF THE
CITY OF EDGEWATER, FLORIDA
By: G
nok H. Ha an, Sr
/Mayor
APPROVED FOR FORM S CORRECTNESS:
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Rrist A. Storey
City Attorney