The URL can be used to link to this page

Home My WebLink AboutO-10500J-88-363 6/1/88 ORDINANCE NO. 10500 AN ORDINANCE AMENDING SECTION 40-204(C) OF THE CODE OF THE CITY OF MIAMI, FLORIDA, AS AMENDED, TO ADD AND REMOVE CERTAIN PROVISIONS DEALING WITH AUTHORIZED INVESTMENTS AND GUIDELINES FOR INVESTMENT OF THE CITY OF MIAMI FIREFIGHTERS' AND POLICE OFFICERS' RETIREMENT TRUST FUNDS; CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE. BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Section 40-204(C) of the Code of the City of Miami, Florida, as amended, is hereby amended in the following particulars : "Sec. 40-204. Trust fund. (C) Investments (a) Bonds, notes or other obligations of the United States or any of its agencies or those guaranteed by the United States or for which the credit of the United States is pledged for the payment of the principal and interest or dividends thereof; and any of the foregoing may be in the form of commingled accounts as long as the guidelines of this paragraph are met' --;- Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. Asterisks indicated omitted and unchanged material. (b) Accounts and Coertifioates of deposit of i= any bank or other finanoial institution incorporated under the laws of this state or any national bank organized under the laws of the United States and, authorized to do business and situated in this state, to the extent that such arm--tf`-the certificates of deposit are secured by the deposit of securities of the United States government-.-,-- any of the foregoing, may be in the form of commingled accounts as long as the guidelines of this paragraph are met* LDI Notes secured by first mortgages on real property insured or guaranteed by the Federal housing Administration or the Veterans' Administration: WIM _2 10500 'IfIZAMN -WHIR BNEW I Mo ♦ _ / Im a000rdanoe with the foregoing standards and Limitations, 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. 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or parts of ordinances insofar as they are inconsistent or in conflict with the provisions of this Ordinance are hereby repealed.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 declared invalid, the remaining provisions of this Ordinance shall not be affected. PASSED ON FIRST READING BY TITLE ONLY this 8th day of PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY this 27th day of October ATTEST: AWZ ATTY IiIRAI City Clerk PREPARED AND APPROVED BY: A. QUI N JO E , III DEPUTY CIT TTORNEY APPROVED AS TO FORM AND CORRECTNESS: n ft UORGIE L . " FERN NDEZ CITY ATTORNE AQU/ebg/bss/M307 , 1988. XAVIER L. SUA4E4, Mayor -4- CITY OF MIAMI, FLORIOA i 15 INTER -OFFICE MEMORANDUM Honorable Mayor & Members CATS: May 24, 198,8 FILE: of the City Commission SUBJECT: Ordinance Amending the Investment Guidelines of the; City. of` Hiami_ Fire Fighters' and Police �M' Cesar H. Odio, City Ma g oerREFERENCE®:fficerS' Retirement Trust Cesar H. Odic, City Ma ger City Manager's Office ENCLOSURES: RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached ordinance amending Ordinance #10002 in a form acceptable to the City Attorney and the City of Miami Fire Fighters' and Police Officers' Retirement Trust. BACKGROUND: The City of Miami Fire Fighters' and Police Officers' Retirement Trust Board has analyzed the need to execute an amendment to, the. existing language in the City'Code addressing investment guidelines for the fire and police trust fund. The proposed amendment updates the existing investment guidelines to allow the' trust fund to participate in new investment opportunities that wero . not av i, bj w iis.. :. '_�`' ' -- n_c .3� �r7n��-cd m nT. . 1 4 �J 1 V - .'7 ..w ... .' r. years ago. This amendment will have a positive financial impact, as it is expected to increase the investment income of the fire and police trust fund, and therefore, reduce the City's cost to maintain it - actuarially sound. 1U500 -1) PublishMIAMI ed Daily PREVIEW t Saturday, ay and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Octelma V. Ferbsyre, who on oath says that she is the Supervisor 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 NOTICE OF PROPOSED ORDINANCE RE: AN ORDINANCE AMENDING SECTION 40-204(C) Inthe ......... X .. X. . .x....................... Court, was published in said newspaper in the Issues of Oct. 14, 1988 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 second class mall matter at the post office in Miami In said Dade County, Florida, for a period of one year next preceding the first publication of the attached copy of advertisement; and efflant further says that she has paid nor promised any persoy firm or corporpationiscou t, rebate, commission or r and for the purr ose curing his advertisement for pu ic6(Ipn in ttwaal ne er. 01/1 ....... ... oil' ``.11, f0-or Id'dildi ibed before me this �. 4... da Qi'P.�10�.� 1 •.� .AA.��, A.D. 19.$ .. "danAt,$� z 7' Note to Pubijg, Sta1¢fy Ida at Large (SEAL) : to IJBL\ •• �: My CommIS900xpires June 21,•tE)R $$ ,S MR115 ��,��`R•••• P ` CITY- OI NOTI'd E.bF I Notice Is hereby: given I Florida, will considerAhe tc on,Octeber 27,=1g88' com Chatnbers, 3500'Pan Amei AN ORDINANCE RE( CITY -OWNED PROF PRESCRIBED LANGU FORTH' IN THIS ORD ADOPTION: ANDAM ACTION PLAN ` BY S PARTICIPATION-BY1 ACTIVITIES; ALSO R AGREEMENTS IN,I ORDINANCE NO.1006', THEREBY MANDATIN OF THE ANNUAL-( MINORITYMO,MEN PROCUREMENT OF C THER,'- REQUIRING : l CON7AIN,A PROVISI ' ANNUALLYTO:THEC' N ESS AAI RS' ON CONTAININGF FA REPE CLAUSE!`AND" PROVII AN`ORDINANCEAME "OF THE CITY.OFMIAI REMOVE -CERTAIN 'PI INVESTMENTS AND! CITY:iOF "MIAMI FIF RETIREMENT.TRUS PROVISION:AND ASI I -AN.ORDINANCE`A "FINANCE}', ARTICLE QUENT LOCAL IMPH( 18.34;: OF.THE :CODE AMEND ED,TO,PROW '`•''PERTAINING TO'THE •MENT LIENS SHALL LIENS;CONTAINING '` " ABILITY•CLAUSE :". AN ORDINANCE•A AMENDED, ADOPTET `FOR,THE IMPLEMEf :'AGENCY FUND ENT11 GRANT„TWELFTH: (' �.$1,625,150 AT PRESE REVENUE IN. PREVI( BLOCK GRANT;FUNI FROM', SAID REVENL ' FUNDS IN THEIWEL ?,MIAMI, FLORID► ROPOSe® ORD.1 l at the Clty,Commlaaldn ofI "e,City,of Mlaml ` lowing ordlnances on second, and final;r9adiftg iencing at 9:00 A.M..I the,Oy Commission?; .an Drive, Mlaml, FlorI ORDINANCE NO , ' ARING THAT ANY;FUTURE,LEASES.OF =PITY TO PRIVATE, CLU'66 CONTAIN GE IN THE LEASE AGREEMENT ASSET DANCE; WHICH LANGUAGE MANDATES ' LEMENTATION OF AN AFFIRMATIVE CH CLUB, SAID�PLAN TO"RESULTi'INt NORITIES'vN CLUB' MEMBERSHIP AND QUIRING THAT SUCH. FUTOFI EASE ORP.ORATE THE-'PROVfS:IONStO;F+ RELATED7rO.MIN6RITY P.ROCOREMENT< THE ADOPTION,AND IMPLEMENTATIONz JAL OF FIFTY�ONEPERCENT (61%u) 1 BUSINESS PARTICiPATiON IN.THf.., .pvvG,1, A ub .CARRIED OUT.BY THE .`HOUSING'CONSERVATION "AND DEVELC OPMENT AGENCY CONTAINING A REPEALER PROVISION AND A SEVERABILITY CLAUSE -,'Said proposed ordinances may be inspected by the public at the Offloe of the City'Cle`rk; 3500 Pan American Drive, Miami; Florida, Monday throitllh Friday, excluding holidays, between the hours'of 8:00 A'.M; and 5:00. P M, . All Interested persons may appear at the meeting and be heard with: reppeok.to the proposed ordinances. Should any person desire to appeal; any decision of. the,C)ty. Commission with respect.to any matter. to be; considered:at-this ,Meeting,;_that person shalli ensure that „a verbatim record of the proceedings Is made Including all testlmony,and evidence:' upon wltigft any,appeai may be based: }p A MATTY HIRAI ; _ CITY CLERK . (ff5043) ' CITY OF MIA11 MI, FLORIDA 10114 881014321ARR 10600 ift MIAM1 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 NO. 10500 In the ........ X... — X ........................ Court, was published in said newspaper In the Issues of Nov. 25, 1988 Afflant 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 second class mail matter at the post office in Miami In said Dade Co y, Florida, for a period of one year next preceding the firs pu iicalion of the attached copy of advertisement; and afflan u or says that she has neither paid qor promised any peroo m or corporation any discount, rebote, commission or re u for the p ♦1141� curing this advertisement for publl Ion in; `� QS��+R j "'A/ , �t' F and a bscrl5ed before me this 25 ... NOv .LU� ,A.D.19...88 r ,�. . • •X.Ja�l nchez F� t� ry,P�tbhi%@tat Florida at Large (SEAL) ��f1f111HNttt`` My Commission expires June 21, 1991. MR 114A 1 OF 2 20F2 a, MIAMI REVIEW Published Dally except Saturday, Sunday and Legal Holidays Miami, Dade County, Florida. STATE OF FLORIDA COUNTY OF DADE: Before the undersigned authority personally appeared Octelma V. Ferbsyre, who on oath says that she is the Supervisor 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 NOTICE OF PROPOSED ORDINANCE In the ....... X...X.. X ......................... Court, was published in said newspaper in the issues of September 30, 1988 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 second class mall matter at the post office in Miami In said Dade County, Florida, for a perlod of one year next preceding the first publication of the attached copy of advertisement; and afflant further says that she has n paid nor promised any person, firm or corporation a Iscou t, rebate, commission or rejdfld for the purpose uring his advertisement for oulafficatton in lhe,wald ne er, A .�. _.....``�'Pr" t✓ ry��. �............. ••S�o tosulasrlb6� before me this 3 0 t h da' p1 .?.?.?. e. r....:... A.D. 198 8 .. . Jan Oche 0 •' , Note Publics d} FI a at Large T � (SEAL) �kp,�reSgl�spPT My Commission MR 115 alIN I1IIt111