HomeMy WebLinkAboutItem #17 - First Reading OrdinanceI
ORDINANCE NO.
AN ORDINANCE AXEND INC, TILE ?I IANiI C'IT'i::'::'t_J'i ...:�' Ri:i Iia-
MENT SYSTrM oRDI.NANCE NO, 2230 (JANI;:,}:1' .'., 19•�0) AS
AMENDED AND AS APPEARING IN CODIFIED FORX ,.S PAiRT Oi'
CHAP ER 40 1:!vT1TLLD "Persotitlel" OF ', iiE COL)i•: 0"'
OF MIAMI, FLORIDA, EFFECTIVE SEPTL:'ILi:P. 1, 1.980, tiONiE
PAR;'ICULARLY A:•;ENDTNG 'I'HI: F01,1,041ING PI:(,'Y'1S:0S S OF SAl!)
CODE, S1CTii1:, 40-206 ENTITLED "Aci:::.;ni.5trr,..,::n" ;y
REPLAL OF WN'TITLED SUBSECTIONS
AND SUBSTITUTING THEREFOR TWO NEW
"(a) Itct:Lrcmcnt Board" AND "(b) PQnsion 11Q;I fi.Ls:
SEc'1'ION 40-207 ENTITLED "Benfits" 131'I I1iCl:i:';'G;
SECTION' 40-211 ENTITLED "'Trustee of Fur.dS", BY
Ri:P:iAL-
ING SECTION (A) THEREOF ENTITLED "Gkanerally; a ;ruc:l;lant"
AND SUBSTITUTING THERE'FOR A 'NEW SUiiSi;C'I'TO:; (A) , 1:111
AMENDING SUBSrCTION (C) THEREOF l:N'T'I'I'I,E;) ":,ppo.i:ltlacnt
of successor trustee" AND SUGS'TITU'TTNG
SUBSECTTON (C) , BY ADDING A NEV.,
(9) To SU8SI:C'1'IO1,1 (F) THEREOF
responsibilitles of trustee", BY
(G) 'THEREOF ENTITLE;) "Investment atiL•hor .ty"; SECT 0:;
40-217 THEREOF E?'TITLED "DeSigllat.ioi-, of
tt•Ustue and acceptance thereof" by
I'TS ENTIRETY; SECT10r 40-218 'I'll1RE0!'
t•:it11 c:o►pnr,ltr_ tl'USt'CRc" BY Itf:PEAL
Gill' E'RALLY 1'R(W1DIN, BY SAID AMI,1N1);•11:1;':S )
FOR T1,1: AI)X I N I STRAT ION OF SAID SYS1',.N; T
THE, C i'1'1' CON1:I i SST 0:. AND FOR THE CI :"i
GE 'Ii!!: SUCCESSOR TRUS'L'I:I', Of: 'I'llr SYSTE`1
BY SAID A:•F.NDMFIN:',� i'i,. ,��•�;.,...,...
AND ;'%C,')L!'I'i:TA::GE Of'
;1L.101:I;S WHO ISIUL III:N:CEi' ):i, ii ii,':''.'l: :� :i;, ::•
RLSf'0::S1B11,ITY, AUTHORITY OR 11Ob:ISit TO :-,.:T _. A
INDIVIDUALLY, o;: ON BEHALi' OF SAID SYS;';:.; C ;
1MEl1BI7};1.,', AND FOR Thi: ELIMINATION:
INVESTMENT OF TRUST FUNDS AND R1:1'I:'1';ii::
AUTIil1)i1,i'ATf0X OF ACOUISITION AND r1'i'i„T., N;I':,,:' }' G:':, T
ANi) IMTCH ;1LN O}' PRUDENT,, 1) .,;1 ..:ON
1N:Ti'.11:,1C!: "x(C t:Ih1, AND N ATTAIFG;t 'ii,,i:l;t �:� .',C:CC, , U ,• 1 ,
CON'T.,%1NiNG A REPEALER. PROVISION
WHEREAS, the City Commission r� C::lna COi;t:;ilU.C'ii t'�'"'
amend`'Lj10 ordinance governing Ch( refit'• I"; ilt i1':,1� ; :11'.,,
k'12E1�hAS, the City COIIMISS1.011 5t..Z.,L,:S
Section 112.G5G cci^l..;tin 1 iJuciury dutic
WIM-lLAS, the Ci't"y"Cummissio-11 in "c::ein" :t
dutius dl:i'-ms it in the bQsL• 1.11ten.sL u: ,cl
employees that the admini,riation of tli� ;�Q.rc
from the pre8011t ReLiremcnt Board and vC:rttu;l� a:ssion
WIIEREAS, /tl1e City Commission }1;,:� d�c c; ::i'l d :it i; i;l the
• � .CSC
interest Of tht/City of Miami Fuld its eli;p.uy,:i15 ZJ u!)pJ2'.0 Cl „',l:cQ8:;,r
trustee for tl e ReL1t'cme11L System; and
WHEREAS, the Miami City
Hance No, 2230 (January 1, 1940) C" COk'��SiON
portion of the newly published Co MEETING CiF
effective Scptembur 1, 1950, as n SEP151980
ORAfwt ICE No......
(June 26, 1.9 8 0) ; c, n cl 3�1 READING ; . �,� i