HomeMy WebLinkAboutO-11021J-92-511
11/03/92
ORDINANCE NO. 11021
AN ORDINANCE AMENDING SECTION 40-229 OF THE
CODE OF THE CITY OF MIAMI, FLORIDA, AS
AMENDED, BY PROVIDING FOR CHANGES IN
INVESTMENT GUIDELINES AND TYPES OF FUNDS WHERE
INVESTMENT MAY BE MADE FOR MEMBERS OF CITY OF
MIAMI GENERAL EMPLOYEES' AND SANITATION
EMPLOYEES' RETIREMENT TRUST; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE;
PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, the Board of Trustees for the City of Miami General
Employees' and Sanitation Employees' Retirement Trust recommends
modifications to Section 40-229 of the Code of the City of
Miami, Florida, relating to General Employees' and Sanitation
Employees' retirement concerning investment guidelines and types
of funds where investment may be made;
NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. Section 40-229 of the Code of the City of
Miami, Florida, as amended, is hereby amended in the following
particulars:l/
Sec. 40-229. Trust fund.
(C) Investments.
l/ Words and/or figures stricken through shall be deleted.
Underscored words and/or figures shall be added. Remaining
provisions are now in effect and remain unchanged. Asterisks
indicate omitted and unchanged material.
11021
(1) Trust funds may be invested without
limitation in:
(a) Bonds, notes, mortgage -backed
securities, or other obligations of the
United States or those guaranteed by the
United States or any agency of the United
States Government or Instrumentality of the
United States Government or for which the
credit of the United States Government,
Government Agency or Instrumentality is
pledged for the payment of the principal and
interest or dividends thereof.
(c) Repurchase agreements with United
States Treasury Securities and agencies of
the United States Government as collateral,
said collateral to be held by trustees.
( 2 ) Not more than to--f1$r five ( 5 )
percent of the fund may be invested in any
one (1) entity of the categories listed
below:
(a) Common stock, preferred stock and
interest -bearing obligations of corporations
having an option to convert into common
stock, issued by a corporation organized
dnder the laws of the United States, an
States, and the B±Btr±et of Columbia domestic
or foreign when recoqnized on a maior United
States Stock Exchange; provided that the
aggregate investment of the fund in any one
(1) issuing corporation shall not exceed
three (3) percent of the outstanding capital
stock of that corporation.
(b) Notes secured by first mortgages on
real property, insured or guaranteed by the
Federal Housing Administration or the
Veterans' Administration.
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i1021
only one (1) nationally recognized rating
--- .-ce shall rate such ebligations-, such
rating ser.-'-- .11-ist have rated such
highest classifications heretofore mentioned; -
Investment grade corporate debt issues and
asset -backed securities rated A or better by
at least one (1) nationally recognized rating
service. In case of two (2) different
ratings the higher rating shall prevail. Any
security downgraded subsequent to purchase
which results in the security falling below
the recommended guidelines may be held at the
Investment Manager's discretion.
Mortgages, excluding those backed
by the United States Government or Government
Agencies and Instrumentalities, which are
commercial property secured by a first lien
mortgage note for up to, but not in excess
of, 80 percent of the appraised value of the
property.
(3) Trust funds may not specifically be
invested in: Private Placements, Eurodollar
Securities, Foreign Credits or Debt to Equity
Exchanges.
(-34) Within the limitations of the foregoing
standards, the board shall have authority to
acquire every kind of property and investment
which persons of prudence, discretion and
intelligence acquire for their own accounts.
The board may retain property properly
acquired without limitation as to time and
without regard to its suitability for
original purchase.
* * * * * it
Section 2. All ordinances or parts of ordinances insofar
as they are inconsistent or in conflict with the provisions of
this Ordinance are hereby repealed.
Section 3. If any section, part of section, paragraph,
clause, phrase, or word of this Ordinance is for any reason held
or declared to be invalid, the remaining provisions of this
Ordinance shall not be affected.
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t10�14)v-
Section 4. This Ordinance shall become effective thirty
(30) days after final reading and adoption thereof.
PASSED ON FIRST READING BY TITLE ONLY this 8th day of
October , 1992.
PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY
this 12th day of
CITY CLERK
D AD APPROVED BY:
RAMON IRIZAW -
ASSISTANT VITY ATTORNEY
.VIER V. 9UAREZ,('MAYOR
APPROVE AS TO FORM AND CORRECTNESS:
at-lj
N 0 S, II
CITY I
EY
R:bf:M 23
109
TO
FROM
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
of the City Commission
00 �
Cesar H. Od
City Manager
RECOMMENDATION
DATE : June 25, 1992 FILE :
SUBJECT :Amended Investment Guide-
lines: General Employees'
and Sanitation Employees'
REFERENCdietirement Trust
ENCLOSURES:
It is respectfully requested that the City Commission adopt
the attached ordinance amending Section 40-229 of the Code of the
City of Miami, Florida, generally relating to the General
Employees' and Sanitation Employees' Retirement Trust and
specifically concerning investment guidelines.
BACKGROUND
Upon the advice of their investment managers and legal
counsel, the Trustees of General Employees' and Sanitation
Employees' Retirement Trust adopted the attached investment
guidelines. Investment guidelines principally delineate the
amount and type of equities and fixed -income instruments in which
the trust may invest.
The modifications of the investment guidelines are noted
within the attached ordinance and generally consist of: (1)
diversification of the Trust's assets to include equity
investment in foreign companies listed on US stock exchanges, (2)
fixed -income investment to include securities issued or "backed"
by obligations of the US Government and its agencies and
instrumentalities, and (3) mortgages which are commercial
property secured by a first lien mortgage note.
As provided by the ordinance, equity investment in foreign
companies listed on US stock exchanges will primarily consist of
American Depository Receipts (ADRs) which are negotiable
certificates issued by a US depository bank and which represent
shares of non -US companies. In addition, the ordinance provides
limitations in the aggregate amount of the Trust's assets that
may be invested in these securities at three percent in any one
issuing corporation.
The ordinance also provides for the investment in: (1)
repurchase agreements with US Treasury Securities, (2)
investment -grade corporate debt issues rated A or better, (3)
mortgages which are commercial property secured by a first lien
mortgage note. Finally, the ordinance establishes prohibitions
1Y021
14U
Mayor and Commission
June 25, 1992
Page 2
to investment in private placements, eurodollar securities,
foreign credits or debt to equity exchanges.
The Retirement Trust's administrator and legal counsel will
be present at the July 9th City Commission Meeting should the
Commission request additional information or clarification
concerning the investment guidelines. In addition, one of the
Trust's investment managers will be present to provide additional
information concerning specific investments.
CITY OF MIAMI, FLORIDA 4
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
p
FROM : Cesar H. Odi +CW r f
City Manager
DATE FILE
November 4, 1992
SUBJECT : Amended Investment Guide-
lines: General Employees'
and Sanitation Employees'
REFERENCEsRetirement Trust
ENCLOSURES:
It is respectfully requested that the City Commission adopt
the attached ordinance amending Section 40-229 of the Code of the
City of Miami, Florida, generally relating to the General
Employees' and Sanitation Employees' Retirement Trust and
specifically concerning investment guidelines.
Upon the advice of their investment managers and legal
counsel, the Trustees of General Employees' and Sanitation
Employees' Retirement Trust adopted the attached investment
guidelines. Investment guidelines principally delineate the
amount and type of equities and fixed -income instruments in which
the trust may invest.
The modifications of the investment guidelines are noted
within the attached ordinance and generally consist of: (1)
diversification of the Trust's assets to include equity
investment in foreign companies listed on US stock exchanges, (2)
fixed -income investment to include securities issued or "backed"
by obligations of the US Government and its agencies and
instrumentalities, and (3) mortgages which are commercial
property secured by a first lien mortgage note.
As provided by the ordinance, equity investment in foreign
companies listed on US stock exchanges will primarily consist of
American Depository Receipts (ADRs) which are negotiable
certificates issued by a US depository bank and which represent
shares of non -US companies. In addition, the ordinance provides
limitations in the aggregate amount of the Trust's assets that
may be invested in these securities at three percent in any one
issuing corporation.
The ordinance .also provides for the investment in: (1)
repurchase agreements with US Treasury Securities, (2)
investment -grade corporate debt issues rated A or better, (3)
mortgages which are commercial property secured by a first lien
mortgage note. Finally, the ordinance establishes prohibitions
1j01
y --)
Mayor and Commission
November 4, 1992
Page 2
to investment in private placements, eurodollar securities,
foreign credits or debt to equity exchanges.
On October 8, 1992, the City Commission approved the
revisions to the investment guidelines on the 1st reading of the
Ordinance. However, the City Attorney's Office received the
attached October 27, 1992 letter from Mr. Ronald A. Silver,
Attorney to the Board of Trustees requesting additional
modifications between the 1st and 2nd readings of the ordinance.
The amendment was initiated by Sanford C. Bernstein & Co.,
Inc., a fixed income investment manager of the retirement trust.
The amendment principally addresses retirement trust investments
in the following instruments:
Bonds, notes, mortgage -backed securities or other
obligations of the United States or those guaranteed by the
United States or any Agency or Instrumentality of the United
States Government or for which the credit of the United
States Government, Government Agency or Instrumentality is
pledged for the payment of the principal and interest or
dividends thereof.
Investment grade corporate debt issues and asset -backed
securities rated A or better by at least one (1) nationally
recognized rating service.
Mortgages, excluding those backed by the United States
Government or Government Agencies and Instrumentalities,
which are commercial property secured by a first lien
mortgage note for up to, but not in excess of, 80 percent of
the appraised value of the property.
The Retirement Trust's legal counsel and one of the Trust's
investment managers will be present at the November 12th City
Commission Meeting should the Commission request additional
information or clarification concerning the proposed investment
guidelines.
-L1 11021
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MATTY HIRAI
City Clerk
--( 1 February 1, 1993
Mrs. Priscilla Domenech
Court Operations Officer
1351 N.W. 12th Street, Rm 7-701
Miami, FL 33125
Dear Mrs. Domenech:
CESAR H. ODIO
City Manager
Enclosed herewith please find a copy of the following Ordinances
and Resolution which amend the Code of the City of Miami,
Florida:
R 92-693
11028
11021 11026
11029 11032
Please acknowledge receipt of same by affixing your signature to
the enclosed copy of this letter and return it to this office for
our files.
Thank you.
Very truly yours,
MATTY HIRAI
City Clerk
BY: LEA&,Q
DEPUTY CITY 9JERK
RECEIVED BY:
DATE:
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Enc. a/s
OFFICE OF THE CITY CLERK/3s00 Pan American Drive/P.O. Box 330708/Miami, Florida 33233-0708/(305) 2WS360
1[T# �t�iZYCi
MATTY HIRAI
City Clerk
February 1, 1993
Ms. Janet Reno
State Attorney
1351 N.W. 12th Street
Miami, FL 33125
Dear Ms. Reno:
CESAR H. ODIO
City Manager
Enclosed herewith please find a copy of the following Ordinances
and Resolution which amend the Code of the City of Miami,
Florida:
R 92-693
11028
11021 11026
11029 11032
Please acknowledge receipt of same by affixing your signature to
the enclosed copy of this letter and return it to this office for
our files.
Thank you.
Very truly yours,
MATTY HIRAI
City Clerk
B Y :1
DEPUTY CITY CL R
U
RECEIVED BY:
------------------------
DATE:
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Enc. a/s
OFFICE OF THE CITY CLERK/3500 Pan American Drive/P.O. Box 330708/Miami, Florida 33233-0708/(305) 250-5360
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A 'i of .I
MATTY HIRAI
City Clerk '•°"; ;;""
February 1, 1993
Ms. Becky DeNeve
Vice -President - Supplements
Municipal Code Corp.
P.O. Box 2235
Tallahassee, FL 32304
Dear Ms. DeNeve:
CESAR H. ODIO
City Manager
Enclosed herewith please find a copy of the following Ordinances
and a Resolution which amend the Code of the City of Miami,
Florida:
R 92-693
11028
11021 11026
11029 11032
If I can be of any further assistance, please do not hesitate to
call.
Very truly rs,
Valerie Greenwood
Deputy City Clerk
Enc. a/s
OFFICE OF THE CITY CLERK/3500 Pan American Drive/P.O. Box 330706/Miami, Florida 33233-0705/(305) 250-5360
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MIAMI REVIEW
Published Daily except Saturday, Sunday and
Legal Holidays
Miami, Dade County, Florida.
STATE OF FLORIDA
COUNTY OF DADE:
Before the undersigned authority personally appeared
Sookie Williams, who on oath says that she is the Vice
President of Legal Advertising of the Miami Review, a daily
(except Saturday, Sunday and Legal Holidays) newspaper,
published at Miami in Dade County, Florida; that the attached
copy of advertisement, being a Legal Advertisement of Notice
in the matter of
CITY OF MIAMI
ORDINANCE N0. 11021
in the .......X .X .X Court,
...................
was published in said newspaper in the issues of
November 20, 1992
Affiant further says that the said Miami Review is a
newspaper published at Miami in said Dade County, Florida,
and that the said newspaper has heretofore been continuously
published in said Dade County, Florida, each day (except
Saturday, Sunday and Legal Holidays) and has been entered as
sec o ss mail matter at the post office in Miami in said
Da Cou y, Florida, for a period of one year next preceding
th first p lication of the attached copy of advertisement; and
all nt fur er says that she has neither paid nor promised any
pe on, m or corporation any discount, rebate, commission
or efu for the urpose of securing this advertisement for
pu is ion in th aid newspaper.
Sworn to and subscribed before me this
20th ""f .....N a ._ , A.D.19.9.2. .
(SEAL) C1AL NV t e+>* ■
Sookie Wi lams person��`rnr1�OR
rJ� y WELIC STATE
COMM `1 �SION Nfl' CC 17210i
A*
CITY OF MIAMI, FLORIDA
LEGAL NOTICE
All interested persons will take notice that on the 12th day of
November, 1992, the City Commission of Miami, Florida, adopted
the following titled ordinances:
ORDINANCE NO. 11020
AN EMERGENCY ORDINANCE ESTABLISHING A TRUST
AND AGENCY FUND ENTITLED: "PROFFERED TRUST
FUND" CONSISTING OF VOLUNTARY CONTRIBUTIONS
FROM PRIVATE DEVELOPERS; APPROPRIATING $84,000
FOR THE OPERATION OF SAID TRUST FUND; AUTHOR-
IZING THE CITY MANAGER TO EXPEND $25,000 OF SAID
APPROPRIATION FOR THE PURPOSE OF PROVIDING
SECURITY RELATED IMPROVEMENTS AT RAINBOW VIL-
LAGE, A PUBLIC HOUSING FACILITY LOCATED AT
APPROXIMATELY 2140 NORTHWEST 3RD AVENUE,
MIAMI, FLORIDA, AND TO EXPEND AN ADDITIONAL
AMOUNT, NOT TO EXCEED $10,000, OF SAID APPROPRI-
ATION FOR THE PURPOSE OF A STUDY OF ALTERNATE
SOLUTIONS TO THE COCONUT GROVE PARKING
PROBLEM; AND TO EXPEND ADDITIONAL AMOUNTS OF
$24,500 EACH FOR THE PURPOSE OF IMPROVING
VIRRICK AND DORSEY PARKS; CONTAINING A
REPEALER PROVISION AND A SEVERABILITY CLAUSE,
AND PROVIDING FOR AN EFFECTIVE DATE.
ORDINANCE NO. 11021
AN ORDINANCE AMENDING SECTION 40-229 OF THE
CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED,
BY PROVIDING FOR CHANGES IN INVESTMENT GUIDE-
LINES AND TYPES OF FUNDS WHERE INVESTMENT MAY
BE MADE FOR MEMBERS OF CITY OF MIAMI GENERAL
EMPLOYEES' AND SANITATION EMPLOYEES'
RETIREMENT TRUST, CONTAINING A REPEALER
PROVISION AND A SEVERABILITY CLAUSE; PROVIDING
FOR AN EFFECTIVE DATE.
ORDINANCE NO. 11022
AN ORDINANCE AMENDING ORDINANCE NO. 11000, AS
AMENDED, THE ZONING ORDINANCE OF THE CITY OF
MIAMI, FLORIDA, BY AMENDING; ARTICLE 6, SPECIAL
DISTRICTS, SECTION 609. SD-9 BISCAYNE BOULEVARD
NORTH OVERLAY DISTRICT TO CLARIFY INTENT AND
LIMIT AND PROHIBIT CERTAIN PERMITTED PRINCIPAL
AND ACCESSORY USES AND STRUCTURES, CONDI-
TIONAL PRINCIPAL AND ACCESSORY PERMITTED USES
AND PROPOSED SIGN LIMITATIONS; CONTAINING A
REPEALER PROVISION AND SEVERABILITY CLAUSE;
AND PROVIDING FOR AN EFFECTIVE DATE.
ORDINANCE NO. 11023
AN ORDINANCE, WITH ATTACHMENTS, AMENDING THE
ZONING ATLAS OF ORDINANCE NO. 11000, THE ZONING
ORDINANCE OF THE CITY OF MIAMI, FLORIDA, BY
EXTENDING THE BOUNDARIES OF SD-9, BISCAYNE
BOULEVARD NORTH OVERLAY DISTRICT FOR THE
PROPERTIES FRONTING ON BISCAYNE BOULEVARD
FROM APPROXIMATELY NORTHEAST 36TH STREET TO
NORTHEAST 60TH STREET AND FROM THE LITTLE
RIVER CANAL TO NORTHEAST 82ND STREET (MORE
PARTICULARLY DESCRIBED IN ATTACHMENT "A
REFERENCED HEREIN AND MADE A PART THEREOF);
AND BY MAKING ALL THE NECESSARY CHANGES ON
PAGES NO. 9, 14 AND 15 OF SAID ZONING ATLAS;
CONTAINING A REPEALER PROVISION AND SEVERABIL-
ITY CLAUSE; AND PROVIDING FOR AN EFFECTIVE DATE.
Said ordinances may be inspected by the public at the Office of
the City Clerk, 3500 Pan American Drive, Miami, Florida, Monday
through Friday, excluding holidays, between the hours of 8:00 a.m.
and 5:00 p.m.
MATTY HIRAI
CITY CLERK
a
MIAMI, FLORIDA
(#542)
11120 92-4-112052M