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HomeMy WebLinkAboutItem #01 - First Reading OrdinanceIl Iw IIII MII\YliGiri ORDINANCE NO. AN ORDINANCE AMENDING CERTAIN SUB -SECTIONS OF THE MIAMI CITY EMPLOYEES RETIREMENT SYSTEM (ORDINANCE NO. 2230, DECEMBER 6, 1939, AS AMENDED) AND THE MIAMI CITY GENERAL EMPLOYEES' RETIREMENT PLAN (ORDINANCE NO. 5624, MAY 2, 1956, AS AMENDED), AS APPEARING IN CODIFIED FORM AS A PART OF CHAPTER NO. 2 OF THE CODE OF THE CITY OF MIAMI, FLORIDA 1957, AS AMENDED, MORE PARTICULARLY BY REPEAL- ING SECTION 2-95 AND BY REPEALING SUB -SECTIONS 2-96(3) AND 2-111(3) AND SUBSTITUTING THEREFOR NEW SUB -SECTIONS 2-95(3), (4), (5), (6) and (7) APPOINTING A SUCCESSOR TRUSTEE FOR THE CITY EMPLOYEES' RETIREMENT SYSTEM TRUST, DESCRIBING THE TRUST PROPERTY, PRESCRIBING THE RECORDS TO BE MAINTAINED, THE DUTIES, RESPONSIBILITIES AND IN- VESTMENT AUTHORITY OF THE SUCCESSOR TRUSTEE SO APPOINTED, AND SUBSTITUTING NEW SUB -SECTIONS 2-111(3), (4), (5), (6) AND (7), APPOINTING A SUCCESSOR TRUSTEE FOR THE MIAMI CITY GENERAL EMPLOYEES' RETIREMENT PLAN TRUST, DESCRIBING THE TRUST'S PROPERTY, PRESCRIBING THE RECORDS TO BE MAINTAINED, THE DUTIES, RESPONSIBILITIES, AND INVESTMENT AUTHORITY OF THE SUCCESSOR TRUSTEE, SO APPOINTED, CONTAINING A SEVER - ABILITY CLAUSE. WHEREAS, the members of the Retirement Board, administering the Miami City Employees' Retirement System and the Miami City General Employees' Retirement Plan, acting jointly and in concert with the Investment Committee supervising the investments of the Retirement System and Plan Trusts, acting jointly and in concert, have conducted extensive studies of the administration of the Trusts for the Miami City Employees' Retirement Plan and determined that a change in Trustees and In- vestment Policy followed by the Trustees for the System and the Plan, is in the best interest of the City of Miami and the Members of the Retirement System and Plan; and -1- "DCCUME T INDEX CITY • CC i • D0.3.5 REMM rs: WHEREAS, the Retirement Board, administering the Retirement System and the Retirement Plat, acting jointly and in concert with the Investment Committee supervising the investments of the Retirement System and Plan, have recommended that successor Trustees be appointed to adminis- ter The City Employees' Retirement System Trust and The Miami City General Employees' Retirement Plan Trust, and that the investment authority exercised by the successor Trustee be expanded to allow for a more diversified invest- ment policy; and WHEREAS, neither Ordinance No. 2230, adopted December 6, 1939, as amended, creating The Miami City Employees' Retirement System nor Ordinance No. 5624, adopted May 2, 1956, as amended, creating The Miami City General Employees' Retirement Plan were included as a portion of the new Code September 1, 1967; and of the City of Miami, Florida, effective 1967, as adopted by Ordinance No. 7585, July 25, WHEREAS, said System and Plan now both exist in accordance with the codified form as appears in Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended, in addition to basic ordinance form; and WHEREAS, any addition or amendments to either said System or said Plan can thus be made by reference to the section designations as they appear in said Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended; -2- \ _►,.F ► . t f a n y -1; 1 1./ NOW, THEREFORE, BE IT ORDAINED BY THE COMMISSION OF THE CITY OF MIAMI , FLORIDA: Section 1. Section 2-95 of The Miami City Employees' Retirement System and The Miami City General Employees' Retirement Plan (Ordinance No. 2230, December 6, 1939 and Ordinance No. 5624, May 2, 1956) as said Ordinances, as amended, appear in codified form as a part of Chapter .2 of the Code of the City of Miami, Florida 1957, as amended, is repealed. Section 2. Subsection 2-96(3) of The Miami City Employees' Retirement System and The Miami City General Employees' Retirement Plan (Ordinance No. 2230, December 6, 1939 and Ordinance No. 5624, May 2, 1956) as said Ordinances, as amended, appear in codified form as a part of Chapter 2 of the Code of the City of Miami, Florida, 1957, as amended, is amended, by repealing the said Subsection 2-96 and substituting therefore new Subsections of 2-96 as follows: (3) Appointment of Successor Trustee 1. The Miami City Employees Retirement System Trust is an irrevocable trust established by Ordinance. The City Commission of the City Of Miami, having retained that right, does hereby appoint a successor Trustee to administer the trust thereby created. The successor Trustee, designated as the Board of Trustees of the Miami City Employees Retire- ment System, shall consist of eleven (11) members, or as otherwise provided in Paragraph 3 of this sub -section. Two (2) members shall be qualified and acting City Commissioners and nine (9) members shall be qualified and acting members of the Retirement Board. 2. Members of the City Commission serving on the Board of Trustees shall serve at the pleasure of the City Commission and only during their incumbency in office. The members of the Retirement Board shall serve on the Board of Trustees only during the time they are acting members of the Retirement Board of the Miami City Employees' Retirement System. The first Board of Trustees hereby appointed shall consist of those personnel constititing the Investment Committee appointed pursuant to the previously existing Trust Agreement. 3. The City Commission reserves the right to increase the number of members on the Board of Trustees by not more than two (2) and to remove the Trustees appointed hereunder, either individually or collectively, and appoint a successor Trustee or Board of Trustees, as may be appropriate. -4- 4. The Board of Trustees shall elect from its membership a Chairman and a Vice -Chairman, and shall appoint an Executive Secretary, who may, but is not required to, be a member of the Board of Trustees. A majority of the metibers of the Board of Trustees shall constitute a quorum for the purpose of meeting and transacting business; providing how- ever, that no recommendation or proposit;on submitted to the Board of Trustees may be passed or acted upon, except upon the affirmative vote of a majority of the entire membership. 5. Each Trustee shall take an oath of office and make a written acknowledgment of his acceptance of the duty, responsibility and authority of a Trustee. A Trustee shall serve without compensation, but shall be reim- bursed for any expense incurred as a result of a service as a Trustee. 5. The Board of Trustees shall hold regular meetings at least quarterly in each year and special meetings at such times as the Chairman or a majority of the Board may deem necessary. 7. The Board of Trustees, hereinafter referred to as the Trustee, subject to the approval of the Commission, may employ persons or firms, ;including, but not limited to Attorneys, Auditors, and Investment Advisers or Counsellors, to advise or assist the Trustee in the performance of Trustee's duties. The Trustee may act without independent investigation upon the advice of the advisers so retained and may employ oweor more Agents to perform any act of administration, which the Trustee is authorized to perform. -5- 8. 7;1'2 Trustee is authorized to prosecute or defend actions, r Lc?ims, or II"'-,,^,= di.:ys of aav nature or ;._Lac for the protec- tion o: trust assets and of the Trustee in the per`ormance of the duties of the Trustee. (4) Trust Propert,; The trust property to be administered by the successor �. Trustees appointed hereby Shall consist of all cash, securities, and other property which shall have been heretofore accumulated by the predecessor Trustee on behalf of the trust administered for the Miami City Employees Retirement System together with such other cash, securities, or other property, which the Trustee may at any time hold or acquire from or on behalf of the City or members of the Retirement System and the accruals thereto. The trust property, hereinafter referred to as the Fund, shall be held by the Trustee in trust hereunder and invested and applied by it as hereinafter provided. 2. The Trustee shall be vested with full legal title to the Fund, which shall be held as an irrevocable retirement fund to be applied from time to time in accordance with the directions of the Retirement Board of the Miami City Employees Retirement System and as otherwise herein set forth. All contributions from time to time paid to the Trustee by the City, by members of the System and all assets whatsoever of the Fund and the income thereof without distinction between principal and income, shall be held and administered by the Trustee in one single trust fund. The Trustees may, but shall not be required to, segregate or invest separately any portion of the Fund. - 6- 3. The `rust shall cause any 'grocer=-r 1.n v?stmentS . se- curities, or accounts acquired or ._.:.in a_ art by it to be registered, titled, or listed to reflect ownership by the Board of Trustees and the books and records of the `1'= ust shall at all times show that all investments are part o= the Fund. (5) Records to be maintained 1. The Trustee shall require that anv Agent retained or employed and having .custody or control of any Trust Property shall keep accurate and detailed accounts of all investments, receipts, disbursements, and other transactions hereunder and all accounts, books, and records relating thereto shall be open to inspection and audit at all reasonable tires by the City, the Trustee, the Retirement Board or their designee. 2. The Trustee shall also keep accurate and detailed accounts of all investments, receipts, disbursements, and other trans- actions hereunder, and all accounts, books, and records relating thereto shall be open to inspection and audit at all reasonable -times by the City, the Retirement Board Members of the System, or their designee.. (6) Duties and Responsibilities of Trustee 1. The Trustee shall take possession of, hold, manage, control and safeguard the trust property. 2. The Trustee shall disburse monies from the Fund to the Director of Finance of the City of 1.liami for Retirement System purposes, upon written request drawn uoon ::he Trustee by the City Finance Director. Payments by the Trustee to the Director of Finance may be made out of principal or income or out of -7- 11611110166i, oth pr =n'cial and income. '.%e 'i`;13tee :s.^:31i p av out monies from the trust upon such written recuisitions and shall not be concerned with the application of such monies by tha Director of Finance. His receipt thereof sh 7n11 cor'_3t: _ut3 a full acquittance to the Trustee. 3. The Trustee shall cause all assets of the Fund to be kant productive of income, having regard for the disbursement requirements of the trust. 4. The Trustee may buy, sell, convert, redeem, exchange, or otherwise dispose of any property held by it at any public or private sale without notice or advertisement for cash or upon credit with or without security, without obligations on the part of any person dealing with the Trustee to see the application of the process of or in ::ire into the validity, expediency or propriety of any such disposition and nay make, execute, acknowledge and deliver any and all contracts, as- signments, waivers, or other instruments. In the event that any of the acts listed above are performed on behalf of the trust by agents appointed by the Trustee, the Trustee may delegate the authority granted by this Subsection to such agents. 5. The Trustee is impowered, but is not required, to vote upon any stocks, bonds, or securities of any corporation, association, or trust, and to give general or specific proxies or powers of attorney with or without power of substitution; to participate in mergers, reorganizations, recapitalizations, consolidations, and similar transactions with respect to such securities; to deposit such stock or other securities in any voting trust or any protective or like committee or with depositories designated by the Trustee, subject to the approval of the Commission; to amortize or fail to amortize _:r part or all of th p_emiva or discount resulting from the acquisition of disposition of assets; and generally, to exercise any of the powers of an owner :with respect to socks, bonds, or other investments, comprising the Trust Fund Jhich it may deed to be to the best interest of the Trust Fund to exercise. 6. The Trustee shall not be required to make any inventory or appraisals or report to any court, nor to secure any order of court for the exercise of any powRr. herein contained. 7. The Trustees, individually and collectively, shall not be liable for the making, retention or sale of any investment or reinvestment made by it as herein p_otrided, nor for any loss to or diminishment of the Fund, except. that due_ to said Trustees own negligence, wilful misconduct or lack of good faith. The Trustee shall not be liable for any loss incurred in connection with the selection or performance of Fund investments made by or at the direction of Investment Counsel. However, the Trustee shall have a continuing duty to observe and evaluate the performance of any Investment Counsel retained. If, in the sole discretion of. the Trustee, it is determined that the Investment Counsel is not performing in a manner satisfactory to the Trustee, then the Trustee shall do whatever may be necessary to improve the performance of the Investment Counsel or to terminate the employment of such In_vestrtent Counsel, subject to the approval of The City Commission of The City of Mi ami . r^t F�-.�r 7g_ r. t-w (7) Investment Authority The Trustee shall have the following oo'.Jers and authority in the investment and administration of fund assets: 1. Trust Funds shall be invested and reinvested in Such security O in such property, real or personal or ri :.:ed wherever situated as the Trustee shall deem advisable. In the acquisition, in- vestment, reinvestment, exchange, retention, sale and management of property for the benefit of the fund, the Trustee shall exercise and require that'persons or firms retained to act as Investment Counsel, Investment Advisors or money managers, exercise all judgment and care under the circumstances then pre- vailing which men of prudence, discretion and intelligence exercise in the management of their own affairs not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital. Trust funds may be invested as follows: (1) Without limitation in: (a) Bonds, notes or other obligations of the United States or those guaranteed by the United States 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. (b) Certificates of deposit of any bank incorporated under the laws of this State or any national bank organized under the laws of the United States to -10- PP RTR IE do 'business and situated in this State to the extent that such savings accounts are insured with the Federal Government or an agency thereof and if the Certificates of Deposit are secured by the deposit of securities of the United States Government. (2) Not more than ten percent (1O%) of the fund may be in- vested in any one 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 under the laws of the .Tnited States, any state ororganized territory -of the United States -and the District of Columbia, provided the aggregate investment of the fund in any one issuing corporation shall not exceed three percent (3%) 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. (c) Interest bearing obligations with -a fixed maturity of any corporation within the United States, provided such obligations are rated by at least two nationally recognized rating services in any one of the four highest classifications approved by the Comptroller of the currency for the invest- ment of funds of national banks or if only one nationally recognized rating service shall rate -11- such obli,gations, then. hey= ._ ?t.'r(' ��_.. J..' _ -i ;has _ f arto (34 hh.z -o = heretofore m-_1`__ o: - -.-Tithin the 1; .it .ti ons of L.h3 _ .:==^._. 3�?;_G; rC., s authorized to acquire and retain .17er_ - o0 o=O_ tv, personal or mixed, and every kind o,_ _.'!3St-e = specifically included, but not by Way of limitations, bonds, de''bentur es and ogler corporation obligations and stocks, preferred or common, which men of prudence, discretion and intelligence acquire and •retainfor their own account and ithin the limitations of �Or'e o±n standard may y` taro _ =opfl_t_r �r c erL J' ?C , •:'_rad :;it1'.a t S li lltatiorL as to time and without regard. to its su! tabi i i tv for original purchase. Section 3. Subsection 2-111(3) of the Miami City Employees' Retirement System and the :Miami City General Employees' Retirement Plan (Ordinance ro. 2230, December 6, 1939, and Ordinance No. 5624, May 2, 1956) as said Ordin,aces, as amended, appear in codified fcrra as a par _ of Chapter 2 of the Code of the City of Miami, Florida, 1937, as '=endad is amended, by repealing the said Subsection 2- i 11 ( 3) and s':.^- sti toting therefore new Subsections 2 --1.11 as follows: 1 9_. 1. (3) Appointment of Successor Trustee The Miami City Employees Retirement S7stem Trust is an irrevocable trust established by Ordinance. The City Commission of the City of Miami, raving retained that right, does hereby appoint a successor Trustee to administer the trust thereby created. The successor Trustee, designated as the Board of Trustees of the Miami City Employees Retire- ment System, shall consist of eleven (11) members, or as otherwise provided in Paragraph 3 of this sub -section. Two (2) members shall be qualified and acting City Commissioners and nine (9) members shall be qualified and acting members of the Retirement Board. 2. Members of the City Commission serving on the Board of Trustees shall serve at the pleasure of the City Commission and only during their incumbency in office. The members of the Retirement Board shall serve on the Board of Trustees only during the time they are acting members of the Retirement Board of the Miami City Employees' Retirement System. The first Board of Trustees hereby appointed shall consist of those personnel constittt.ng the Invest►:,ent Committee appointed pursuant to the previously existing Trust Agreement. 3. The City Commission reserves the right to increase the number of members on the Board of Trustees by not more than two (2) and to remove the Trustees appointed hereunder, either individually or collectively, and appoint a successor Trustee or Board of Trustees, as may be appropriate • -13- 4. The Board of Trustees shall elect from its membership a Chairman and a Vice -Chairman, and shall appoint an Executive Secretary, who May, but is not required to, be a member of the Board of Trustees. A majority of the members of the Board of Trustees shall constitute a quorum for the purpose of meeting and transacting business; providing how- ever, that no recommendation or proposit;on submitted to the Board of Trustees may be passed or acted upon, except upon the affirmative vote of a majority of the entire membership. 5. Each Trustee shall take an oath of office and make a written acknowledgment of his acceptance of the duty, responsibility and authority of a Trustee. A Trustee shall serve without compensation, but shall be reim- bursed for any expense incurred as a result of a service as a Trustee. 6. The Board of Trustees shall hold regular meetings at least quarterly in each year and special meetings at such times as the Chairman or a majority of the Board may deem necessary. 7. The Board of Trustees, hereinafter referred to as the Trustee, subject to the approval of the Commission, may employ persons or firms, including, but not limited to Attorneys, Auditors, and Investment Advisers or Counsellors, to advise or assist the Trustee in the performance of Trustee's duties. The Trustee may act without independent investigation upon the advice of the advisers so retained and may employ one or more Agents to perform any act of administration, which the Trustee is authorized to perform. -14- 8. The Trustee is authorized to prosecute or defend actions, claims, or proceedings of any nature or kind for the protec- tion of trust assets and of the Trustee in the performance of the duties of the Trustee. (4) Trust Property 1. The trust property to be administered by the successor Trustees appointed hereby shall consist of all cash, securities, and other property which shall have been here- tofore accumulated by the predecessor Trustee on behalf of the trust administered for the Miami City General Employees Retirement Plan together with such other cash, securities, or other property, which the Trustee may at any time hold or acquire from or on behalf of the City or members of the Retirement Plan and the accruals thereto. The trust property, hereinafter referred to as the Fund, shall be held by the Trustee in trust hereunder and invested and applied by it as hereinafter provided. 2. The Trustee shall be vested with full legal title to the Fund, which shall be held as an irrevocable retirement fund to be applied from time to time in accordance with the directions of the Retirement Board of the Miami City General E.ployees Retirement Plan and as otherwise herein set forth. All constrmbutions from time to time paid to the Trustee by the City, by members of the System and all assets whatsoever of the Fund and the income thereof without distinction between principal and income, shall be held and administered by the Trustee in one single trust fund. The Trustees may, but shall not be required to, segregate or invest separately any portion of the Fund. -15- 3. The Trustee shall cause any property, investments, se- curities, or accounts acquired or maintained by it to be registered, titled, or listed to reflect ownership by the Board of Trustees and the books and records of the Trust shall at all times show that all investments are part of the Fund. (5) Records to be maintained 1. The Trustee shall require that any Agent retained or employed and having custody or control of any Trust Property shall keep accurate and detailed accounts of all investments, receipts, disbursements, and other transactions hereunder and all accounts, books, and records relating thereto shall be open to inspection and audit at all reasonable times by the City, the Trustee, the Retirement Board or their designee. 2. The Trustee shall also keep accurate and detailed accounts of all investments, receipts, disbursements, and other trans- actions hereunder, and all accounts, books, and records relating thereto shall be open to inspection and audit at all reasonable times by the City, the Retirement Board Members of the or their designee. (6) Duties and Responsibilities of Trustee 1. The Trustee shall take possession of, hold, manage, control and safeguard the trust property. 2. The Trustee shall disburse monies from the Fund to the Director of Finance of the City of Miami for Retirement plan purposes, upon written request drawn upon the Trustee by the City Finance Director. Payments by the Trustee to the Director of Finance may be made out of principal or income or out of -16-- s both principal and intone. The Trustee shall pay out monies from the trust upon sttch wri.+.-t9r_ requisitions and shall not be concerned with the application of such monies by the Director of Finance. His receipt thereof shall constitute a full acquittance to the Trustee. 3. The Trustee shall cause all assets of the Fund to be kept productive of income, having regard for the disbursement requirements of the trust. 4. The Trustee may buy, sell, convert, redeem, exchange, or otherwise dispose of any property held by it at any public or private sale without notice or advertisement for cash or upon credit with or without security, without obligations on the part of any person dealing with the Trustee to see the application of the process of or inquire into the validity, expediency or propriety of any such disposition and may make, execute, acknowledge and deliver any and all contracts, as- signments, waivers, or other instruments. In the event that any of the acts listed above are performed on behalf of the trust by agents appointed by the Trustee, the Trustee may delegate the authority granted by this Subsection to such agents. 5. The Trustee is impowered, but is not required, to vote upon any stocks, bonds, or securities of any corporation, association, or trust, and to give general or specific proxies or powers of attorney with or without power of substitution; to participate in mergers, reorganizations, recapitalizations, consolidations, and similar transactions with respect to such securities; to deposit such stock or other securities in any voting trust or any protective or like committee or with depositories designated by the Trustee, subject to the approval of the Commission; to -17 amortize or fail to amortize any part or all of the premium or discount resulting from the acquisition of disposition of assets; and generally, to exercise any of the powers of an owner with respect to stocks, bonds, or other investments, comprising the Trust Fund which it may deem to be to the best interest of the Trust Fund to exercise. 6. The Trustee shall not be required to make any inventory or appraisals, or report to any court, nor to secure any order of court for the exercise of any power herein contained. 7. The Trustees, individually and collectively, shall not be liable for the making, retention or sale of any investment or reinvestment made by it as herein provided, nor for any loss to or diminishment of the Fund, except that due to said Trustees own negligence, wilful misconduct or lack of good faith. The Trustee shall not be liable for any loss incurred in connection with the selection or performance of Fund investments made by or at the direction of Investment Counsel. However, the Trustee shall have a continuing duty to observe and evaluate the performance of any Investment Counsel retained. If, in the sole discretion of the Trustee, it is determined that the Investment Counsel is not performing in a manner satisfactory to the Trustee, then the Trustee shall do whatever may be necessary to improve the performance of the Investment Counsel or to terminate the employment of such Investment Counsel, subject to the approval of The City Commission of The City of Miami. -7.8- (7) I nvest►ttent Authority The Trustee shall have the following powers and authority in the investment and administration of fused assets: 1. Trust funds shall be invested and reinvested in such secUrit" or in such property, real or Personal or mixed, wherever situated as the Trustee shall deem advisable. In the acquisition, in- vestment, reinvestment, exchange, retention, sale and management of property for the benefit of the fund, the Trustee shall exercise and require that persons or firms retained to act as Investment Counsel, Investment Advisors or money managers, exercise all judgment and care under, the circumstances then pre- vailing which men of prudence, discretion and intelligence exercise in the management of their own affairs not in regard to speculation, but in regard to the permanent disposition of their funds, considering the probable 'income as well as the probable safety of their capital. Trust funds may be invested as follows: (1) Without limitation in: (a) Bonds, notes or other obligations of the United States or those guaranteed by the United States 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. (b) Certificates of deposit of any bank incorporated under the laws of this State or any national bank organized under the laws of the United States to -19- Dr) ff do business and situated in this State to the extent that such savings accounts are insured with the Federal Government or an agency thereof and if the Certificates of Deposit are secured by the deposit of securities of the United States Government. (2) Not more than ten percent (1O%) of the fund may be in- vested in any one 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 under the laws of the United States, any state or organized territory of the United States and the District of Columbia, provided the aggregate investment of the fund in any one issuing corporation shall not exceed three percent (3%) 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. (c) Interest bearing obligations with a fixed maturity of any corporation within the United States, provided such obligations are rated by at least two nationally recognized rating services in any one of the four highest classifications approved by the Comptroller of the currency for the invest- ment of funds of national banks or if only one nationally recognized rating service shall rate such obligations, then Such rating set Vice must have rated such obligations in any one of th2 three highest classifications heretofore mentioned. Within the limitations tations of the foregoing ng standard, the Tru3tee 1s authorized to acquire and retain every kind of property, real, personal or mixed, and every rind of investment specifically included, but not by way of limitations, bonds, debentures and other corporation obligations and stocks, preferred or common, which men of prudence, discretion and intelligence acquire and, retain for their own account and within the limitations of the foregoing standard may retain property properly acquired without limitation as to time and without regard to its suitability for original purchase. -21- Section 4. All Ordinances, code sections or parts thereof in conflict.herewith, insofar as they are in con- flict, are hereby repealed. PASSED ON FIRST READING BY TITLE ONLY this day of , 197 PASSED AND ADOPTED ON SECOND AND FINAL READING BY TITLE ONLY this day of 197 . MAYOR ATTEST: CITY CLERK PREPARED AND APPROVED BY: Frank H. Weston Assistant City Attorney REVIEWED BY: John S. Lloyd Assistant Director of Law APPROVED AS TO FORM AND CORRECTNESS: Alan H. Rothstein City Attorney -22- CITY OF MIAMI, FLORIDA In conformance with Municipal Home Rule Powers Act, Chapter 166.021, Notice is hereby given that an ordinance entitled: AN ORDINANCE AMENDING CERTAIN SUB -SECTIONS OF THE MIAMI CITY EMPLOYEES RETIREMENT SYSTEM (ORDINANCE NO. 2230, DECEMBER 6, 1939, AS AMENDED) AND THE MIAMI CITY GENERAL EMPLOYEES' RETIREMENT PLAN (ORDINANCE NO. 5624, MAY 2, 1956, AS AMENDED), AS APPEARING IN CODIFIED FORM AS A PART OF CHAPTER NO. 2 OF THE CODE OF THE CITY OF MIAMI, FLORIDA 1957, AS AMENDED, MORE PARTICULARLY BY REPEAL- ING SECTION 2-95 AND BY REPEALING SUB -SECTIONS 2-96(3) AND 2-111(3) AND SUBSTITUTING THEREFOR NEW SUB -SECTIONS 2-95(3), (4), (5), (6) and (7) APPOINTING A SUCCESSOR TRUSTEE FOR THE CITY EMPLOYEES' RETIREMENT SYSTEM TRUST, DESCRIBING THE TRUST PROPERTY, PRESCRIBING THE RECORDS TO BE MAINTAINED, THE DUTIES, RESPONSIBILITIES AND IN- VESTMENT AUTHORITY OF THE SUCCESSOR TRUSTEE SO APPOINTED, AND SUBSTITUTING NEW SUB -SECTIONS 2-111(3), (4), (5), (6) AND(7), APPOINTING A SUCCESSOR TRUSTEE FOR THE MIAMI CITY GENERAL EMPLOYEES' RETIREMENT PLAN TRUST, DESCRIBING THE TRUST'S PROPERTY, PRESCRIBING THE RECORDS TO BE MAINTAINED, THE DUTIES, RESPONSIBILITIES, AND INVESTMENT AUTHORITY OF THE SUCCESSOR TRUSTEE, SO APPOINTED, CONTAINING A SEVER - ABILITY CLAUSE. will be considered upon first reading by the Commission of the City of Miami,Florida at its meeting to be held on October 25,1973 in the City Commission Chambers, 3500 Pan Amrican Drive,Miami,Florida, beginning at 9:00 A.M. Said ordinance will be booked for its second and final reading at the meeting of November 8,1973 at the same address and hour, by said City Commission. IT f; H D SOUTHERN CITY CLERK CITY OF MIAMI, FLORIDA "DOCUI.,; t T INDEX 003� ,