Ord No 19-11-2092ORDINANCE No. 19-11-2092
A Ordinance of the Mayor and the City Commission of the City of South Miami,
Florida amending the Pension Plan providing for the addition of Sec 16 -20(L)
Powers of Board; providing for severability, ordinances in conflict and an
effective date.
WHEREAS, the current pension language is vague as to the investment authority of the
Pension Board and,
WHEREAS, it is in the best interest to provide the Pension Board with the ability to consider
investments that are prudent and in tune with today's investing climate.
NOW, THEREFORE, IT BE ORDAINED BY THE MAYOR AND CITY COMMISSION OF
THE CITY OF SOUTH MIAMI, FLORIDA:
Section I
That the forgoing whereas clauses are hereby ratified and confirmed as being true and correct
and hereby made a specific part of this ordinance upon adoption hereof.
Section 2
Section 16 -20 (L) of the Code of Ordinances of the City of South Miami is hereby added to read
as follows.
Sec. 16 -20 V. - Investment Powers of Board.
The board shall have the power and authority as follows:
Fund management and investments.
(1) The plan is herebv established. Dursuant to authority granted in Chanter 16 of the Cit
of South Miami Code of Ordinances, as a trust fund into which shall be deposited all of the
assets of the plan of every kind and description.
(2) The actual custody and supervision of the fund shall be vested in the Board. All assets
of the plan may be commingled, provided that accurate records are maintained at all times
reflecting the financial composition of the fund, including accurate accounts regarding the
following:
a. Current amounts of accumulated contributions of members. both on an individual and
aggregate basis;
b. Receipts and disbursements
Ord, No, 19 -11 -2092
c. Benefits payments;
d. All contributions from the City;
e. All contributions from the State of Florida pursuant to Chapter 185;
f. All interest, dividends, gains and losses from investment;
g Such other entries as may be required for a clear, complete financial report of the status
of the Fund.
(3) The Board shall establish a written investment policy, with the advice and counsel of
such advisors as the Board deems necessary, and said investment policy shall set forth the
types of securities and other types of investments into which shall be placed the assets of
the fund The policy shall further set forth appropriate limitations on those investments,
including but not limited to anticipated rate of return quality of investment class of
investment and acceptable risk. The Board shall have the authority to invest and reinvest
the assets of the plan in such securities or property, real or personal as the Board deems
appropriate, including, but not limited to:
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;
b Accounts or certificates of deposit in any bank or other financial institution incorporated
wider the laws of the State of Florida or any national bank organized under the laws of the
United States or authorized to do business and situated in the State of Florida to the
extent that such certificates of deposit are secured by the deposits of securities of the
United States government;
c. Notes secured by first mortgages on real property insured or guaranteed by the Federal
Housing Administration or the Veterans Administration;
d Interest - bearing obligations with a fixed maturity of any corporation organized under the
laws of the United States any state or organized territory of the United States and the
District of Columbia; provided that such obligations are rated by at least two nationally
recognized ratings services in anyone of the four highest classifications approved by the
Comptroller of the Currency for the investment of funds of national banks or, if only
nationally recognized ratings service shall rate such obligations, such ratings service must
have rated such obligation in any one of the four highest rating classifications as set forth
in this subsection;
e. Bonds issued by the State of Israel,
f Real estate which may be in the form of commingled ownership and financial
institutional futures listed options stock index futures which may be used under specific
instruction of managers;
Ord. No, 19 -11 -2092
g Conunon stock preferred stock and interest- bearing obligations of domestic
corporations having an option to convert into common or preferred stock issued by a
corporation organized under the laws of the United States any State or organized territory
of the United States or any state or organized territory of the United States and the District
of Columbia.
h. Index funds and collective investment funds.
i Foreign securities not to exceed 25 percent of the portfolio at market value.
j. Any other investment permitted by law.
(4) The Board may determine the percentage of each type of investment to be held.
(5) The Board shall be authorized to retain one of more money managers for the
management of property held in the plan and the Board shall convey property of the Flair
to such money managers for investment and reinvestment in accordance with the terms of
this article and the investment policies established by the Board. Any such money manager
contracting with the Board for the investment of its assets shall be deemed a fiduciary of
the plan.
(6) The Board shall have a continuing duty to observe and evaluate the performance of any
money manager retained by the Board. The Board shall in selecting a money manager or
other investment counsel exercise all judgment and care in the circumstances then
prevailing which persons of prudence discretion and intelligence exercise in the
management of their own affairs.
(7) The Board shall require that any money manager or other agent who has custody
control of any property of the plan to keep accurate and detailed accounts of all
investments receipts disbursements and other transactions pertaining to such Trust
property, and the Board shall ftuther require that all accounts books and records pertaining
thereto be open for inspecting and audit at all reasonable times by the City, the Board or
the designees.
(8) The Board shall also keep accurate and detailed accounts of all investments, receipts,
disbursements or other transactions pertaining to the Trust property and all accounts books
and records ertaining thereto shall be open to inspection and audit at all reasonable times
by the City or its designees.
(9)The board shall identify and publicly report any direct or indirect holdings it may have
in any scrutinized company, as defined in F S $ 215.473, and proceed to sell redeem
divest or withdraw all publicly traded securities it may have in such company beginning
January 1 2010 and shall thereafter be prohibited from purchasing or holding such
securities The divestiture of any such security must be completed by September 30, 2010.
In accordance with Ch. 2009 -97 Laws of Florida no person may bring any civil, criminal,
or administrative action against the board or any employee, officer, director, or advisor of
Ord. No. 19 -11 -2092
0
such board based upon the divestiture of any security pursuant to this paragraph
(10) Other Powers
a
To perform
the
acts
required
as
the administrator
of
the plan.
The
board
may delegate
administrative
duties
in
its
discretion.
b To approve disbursements pay claims and authorize payments from the fund by
warrants signed by the chairman and the secretary of the board.
c To interpret the provisions of this article where the meaning is not clear or ambiguity
exists.
d To authorize expenditure in connection with preliminary research, technical services,
legal services and accounting services to contract for employees necessary to the general
administration of the fund and to employ legal counsel and auditors necessary to the
proper administration of the fund.
Section 3. This ordinance shall become effective at the expiration of ten days after adoption.
PASSED AND ADOPTED this 3rd day of May 2011.
ATTEST:
YLC L E
1St Reading- 4/19/11
2 "d Reading - 5/3/11
APPROVED:
X FUN) �E
06"
COMMISSION VOTE:
Mayor Stoddard:
Vice Mayor Newman:
Commissioner Beasley:
Commissioner Palmer
Commissioner Harris:
5 -0
Yea
Yea
Yea
Yea
Yea
MIAMI DAILY BUSINESS REVIEW
Published Daily except Saturday. Sunday and
Legat Holidays
Miami, Miami!Dade County, Florida
STATE OF FLORIDA
COUNTY OF MIAMI -DARE:
Before the undersigned authority personally appeared
MARIA MESA, who on oath says that he or she is the
LEGAL CLERK, Legal Notices of the Miami Daily Business
Review fWa Miami Review, a daily (except Saturday, Sunday
and Legal Holidays) newspaper, published at Miami in Miami -Dade
County, Florida; that the attached copy of advertisement,
being a Legal Advertisement of Notice in the matter of
CITY OF SOUTH MIAMI
PUBLIC HEARING MAY 3, 2011
In the XXXX Court,
was published In said newspaper in the Issues of
04122/2011
Afriant further says that the said Miami Daily Business
Review is a newspaper published at Miami In said Miami -Dade
County, Florida and that the said newspaper has
heretofore been continuously published in said Miami -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 Miami -Dade County, Florida, for a
period of one year next preceding the first publication of the
attached copy of advertisement; and affiant further says that he or
she has neither paid nor promised any person, firm or corporation
any discount, rebate, commission or refund for the purpose
of securira� - - ^ til' anon in the said
before me this
22 day of APRIL , A.D. 2011
MARIA MESA personally known to me
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P" Public Stale of Florida
Cheryl H. Manner
My Conmissiun DD7WW
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