O-184-M-A• CITY OF CLERMONT •
MISC. ORDINANCES
184 -M A
AN ORDINANCE OF THE CITY OF CLERMONT, LAKE COUNTY, FLORIDA,
INCREASING THE STATUTORY CORPORATE EQUITY INVESTMENT CEILING OF
THE PENSION PLAN OF THE CITY OF CLERMONT, FLORIDA, FROM 30% to 70%;
PROVIDING SEVERABILITY, PROVIDING FOR PUBLICATION, PROVIDING FOR THE
REPEAL OF CONFLICTING ORDINANCES, PROVIDING FOR AN EFFECTIVE DATE.
WHEREAS, by Ordinance 195 adopted the 20th day of December, 1960,
the City Council of the City of Clermont, Florida, established a
Pension Plan for full-time permanent employees of the City of Clermont,
Florida; and
WHEREAS, by Resolution 523 adopted the 22nd day of April, 1986,
the City Council of the City of Clermont, Florida, authorized the
participation of said Pension Plan in the Municipal Pension Trust
Fund, in accordance with the procedures, policies and methods outlined
in the Fund's Master Trust Agreement; and
WHEREAS, said Master Trust Agreement authorizes the Fund to
invest up to 70% of the pension monies in its possession in corporate
equities; and
WHEREAS, Section 175.071(1)(b)4., Florida Statutes (185.06(1)(b)4.
Florida Statues) provides that the assets o t e Pension Plan may be
nveste in corporate equities provided the aggregate of investments
in said securities at cost not exceed 30% of the assets of the Pension
Plan; and
WHEREAS, said statutes provide that the 30% corporate equity
investment ceiling may be increased if the Board of Trustees of
the Pension Plan request said increase, and the City Council of
the City of Clermont, Florida, passes a duly enacted ordinance
authorizing same; and
WHEREAS, by Resolution 1 adopted the 24th day of November,
1987, the Board of Trustees of the Pension Plan of the City of
Clermont, Florida, requested that the City Council of the City
of Clermont, Florida, adopt an ordinance increasing the Pension
Plan statutory corporate equity investment ceiling from 30% to
70% to reflect the corporate equity investment ceiling in the
Florida Municipal Pension Trust Fund's Master Trust Agreement;
and
WHEREAS, it is hereby the intent of the City Council of the
City of Clermont, Florida, to increase said statutory corporate
equity investment ceiling from 30% to 70%.
NOW, THEREFORE, BE IT ENACTED BY THE CITY COUNCIL OF THE CITY
OF CLERMONT, LAKE COUNTY, FLORIDA:
SECTION 1.
The City Council of the City of Clermont, Florida, hereby
authorizes the increse of the statutory corporate equity investment
ceiling of the Pension Plan of the City of Clermont, Florida, from
30% to 70% to reflect the corporate equity investment ceiling in the
Florida Municipal Pension Trust Fund's Master Trust Agreement.
SECTION 2.
All ordinances or parts of this ordinance in conflict herewith are
hereby repealed.
• CITY OF CLERMONT .
MISC. ORDINANCES
184-M A
SECTION 3.
Should any section or part of this section be declared invalid by any
court of competent jurisdiction, such adjudications shall not apply to
or affect any other provision of this Ordinance, except to the extent
that the entire section or part of the section may be inseparable in
meaning and effect from the section to which such holding shall apply.
SECTION 4.
This Ordinance shall be
become law and shall to
and Final Passage.
FIRST READING THIS
SECOND READING THIS
published as provided by law and it shall
ke effect immediately upon its Second Reading
Z.~~ DAY OF 1987.
~~' DAY OF 1987.
PASSED AND ORDAINED BY THE CITY COUNCIL OF THE CITY OF CLERMONT,
LAKE COUNTY, FLORIDA, THIS ~ DAY OF 1987.
CITY OF CLERMONT
Ro ert A. Poo Mayor
Attest:
F~
~- 7 7
E. Van, e, City Clerk
~' CERTIFICATE OF PUBLICATION
I HEREBY CERTIFY that a certified copy of the fore oing
Ordinance l'E4-~± was published on the 14~ day of
1987, in a newspaper of general circu anon ocated wit in t e
City of Clermont, as required by Florida Statutes 166.041 (3) (a),
said date of publication being 14 days prior to the Second Reading
and Final Adoption of the Ordinance.
-- ~ - / ~_
. Van Zi City C erk
.~