1966-532f
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ORDINANCE NO. 532
ORDINANCE OF CITY OF SOUTH MIAMI, FLORIDA,
APPROVING NEW ENGLAND MUTUAL LIFE INSURANCE
COMPANY GROUP ANNUITY POLICY GA -357 FOR
SOUTH MIAMI PENSION PLAN; AUTHORIZING CITY
MANAGER TO EXECUTE.`APPLICATION AND ADMINIS-
TRATIVE SERVICES AGREEMENT FOR SAID POLICY.
WHEREAS, the City of South Miami, Florida, previously
established, by Ordinance No. 528; an employees Pension Plan,
commonly known as the South Miami Pension Plan, and
WHEREAS, said ordinance provides that the City Council
shall obtain an annuity policy for the purposes of funding such
plan, and
WHEREAS, New England Mutual Life Insurance Coinpany has
submitted such a policy and said policy havinfg` been approved
by the Florida Insurance Department -;,
NOW, THEREFORE,-BE IT ORDAINED BY THE MAYOR AND CITY
COUNCIL OF CITY OF -SOUTH MIAMI,-FLORIDA:
1. That New England Mutual Life Insurance Company, Group
Annuity Policy No. "GA- 357 'is hereby approved as tte funding
vehicle for the South`Miami Pens'ion.Plan established by
Ordinance No. 528, previously enacted.
2. That the City Manager is authorized and directed to
execute the necessary applications and administrative service
agreements so as to implement the effectiveness of said policy.
3. The amount necessary to be paid by the City during the
fiscal year 1965 -66 shall be charged to Budget Account No. 2700.
Suitable provision and budgetary appropriations shall be made
for'such purpose in each succeeding fiscal year.
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