(A) Money shall be withdrawn from the Pension Fund created by this subchapter only upon warrants executed or authorized by a majority of the Board of trustees. The Board shall have exclusive charge of the investment of any assets in accordance with the written investment policy adopted by the Board pursuant to division (B) below. Board members must discharge their duties with respect to the plan solely in the interest of the participants and beneficiaries and (i) for the exclusive purpose of providing benefits to participants and their beneficiaries and defraying reasonable expenses of administering the plan; (ii) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; and (iii) by diversifying the investments of the plan so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so.
(B) The Board shall adopt and periodically update a written investment policy in accordance with F.S. § 112.661, as such statute may be amended in the future. Within the limitations of the foregoing standards and investment policy, the Board is authorized to acquire and retain in the fund every kind of investment, specifically including, but not limited to, stocks, bonds, securities, debentures, real estate, mutual funds, trusts, and other obligations which persons of prudence, discretion and intelligence acquire or retain for their own account.
(C) The intent of subsections (A) and (B) above is to exclude any and all restrictions on investments otherwise imposed by F.S. Ch.185, but only if subsections (A) and (B), with the exclusion of such restrictions, are in compliance with the provisions of F.S. Ch.185. If subsections (A) and (B), with the exclusion of the restrictions imposed by F.S.Ch.185, are deemed not to be in compliance with F.S. Ch.185, then such restrictions shall be incorporated herein in their entirety.
(D) In carrying out its investment duties, the board shall engage such custodial, investment management, and other professional consultants as the board deems necessary and prudent. The city or such entity as may be designated by the Board shall have custody of and responsibility for any funds, stocks, bonds or other indebtedness; and such custody shall be for the purpose of safekeeping only, without discretion in the city or other entity appointed by the Board regarding propriety of any withdrawal or transfer of such funds, stocks, bonds or of other indebtedness of funds.
(E) Money withdrawn from the fund for investments, or otherwise, on warrants executed or authorized by the Board pursuant to this subchapter and rules and regulations prescribed by the Board of Trustees, shall be by draft. All such drafts shall be consecutively numbered, and be signed by the Chairperson and Secretary manually, or by facsimile, or such administrative function may be delegated so that authorized drafts may be signed by the City Manager for the Chairperson, and by the Director of Finance for the Secretary, manually or by facsimile. All such drafts shall state upon their faces the purpose for which they were drawn.
(Ord. O-91-82, passed 11-20-91; Am. Ord. O-2003-08, passed 5-7- 03; Am. Ord. O-2019-02, passed 2-20-19)