(A) Appointment of Trustees. The Trustees of the Trust shall be the designated by the City Manager from among the city's administrative staff in accordance with staff qualifications as may be deemed appropriate. The Trustees shall serve without compensation from the Trust Fund, but they may be reimbursed from the Trust Fund for all necessary, reasonable and proper expenses, such as travel, which they may actually expend in the performance of their duties as a Trustee. Expenditures are not to exceed the limits imposed by law, including, but not limited to F.S. § 112.061, as may be amended from time to time.
(B) Trust Fund.
(1) The Trustees shall receive and accept for the purposes hereof all contributions described herein and shall hold, invest, reinvest, manage, administer, and distribute the property and the increments, proceeds, earnings and income solely to provide health and welfare benefits as described herein.
(2) Upon reliance on advice provided by third-party professional money managers or investment advisors, the Trustees have the authority to invest and manage the assets of the Trust Fund.
(3) The Trustees shall have the exclusive right to manage the business affairs of the Trust, and shall have all powers and rights necessary, appropriate or advisable to effectuate and carry out the purposes and business of the Trust and, in general, all powers permitted to be exercised by a trustee pursuant to Florida law. The Trustees may appoint, employ or otherwise contract with any persons (who may be designated as officers of the Trust) or entities for the transaction of the business of the Trust or the performance of services for or on behalf of the Trust, and the Trustees may delegate to any such person or entity such authority to act on behalf of the Trust as the Trustees may from time to time deem appropriate.
(4) No Trustee shall be required to post any bond, secured or unsecured, in connection with or as a consequence of serving as a Trustee of the Trust. Upon any Trustee ceasing to be such, such Trustee's interests in the Trust and any and all Trust property shall automatically vest, without requirement of further action, in the remaining (and any successor) Trustees.
(5) No beneficiary of the Trust, by reason of its status as such, shall have any right to take part in or direct the management or control of the business of the Trust or to act for or bind the Trust or any Trustee or otherwise to transact any business on behalf of the Trust.
(6) This Trust is created for the sole purpose of providing health and welfare benefits as described herein. No portion of the principal or income of this Trust shall revert to thecity or shall be used for or diverted to any purpose other than to provide health and welfare benefits and to pay the reasonable expenses of the Trust.
(7) The contributions made by the city and all investments, receipts, disbursements, and other transactions thereunder may be maintained in a custodial account, which contributions shall be used solely for the payment of benefits, expenses and other charges properly allocable to the Trust.
(8) The Trust Fund shall continue to be held by the Trustees in trust and dealt with in accordance with the provision of this subchapter. At no time shall any part of the Trust Fund be used for, or diverted to, purposes other than providing benefits to participants.
(Ord. 1598, passed 12-3-07; Am. Ord. 1702, passed 9-20-11)